Economics study notes

In economics, goods and services are called the set of human processes and efforts that have the ultimate goal of satisfying the needs of an individual, a community or the entire species. They are usually managed as a joint category in macroeconomic or social planning terms, but they represent two distinct but not disconnected segments of human endeavor in societies. What … [Read more...] about goods and services In Economics

We live in a world where everything is surrounded by business. Everything you eat or wear or the product you use is produced, distributed or sold by a business organization. Like hunger? Eat pizza or fried chicken or produce pizza hut or KFC, but at the end of the day it is a business organization. Or the bank and the company that chose to save money. Every morning, at your … [Read more...] about The Role of Business in Our Economy

The economic system, or economic system, is the method that a society uses to determine how it will distribute its resources to meet its needs. Sounds a bit difficult, isn't it? The wealth of this world is very limited. If there is no proper use and control of these limited resources, then there will be catastrophic economic, social, family problems. For example, our country … [Read more...] about 5 Famous Economic Systems In The World

All economic systems, including private enterprise systems, require resources to produce goods and services for the business. The factors used to produce goods and services are called factors of production. Factors of Production are divided into four categories - Land, Labor, Capital and Entrepreneurship. All four factors combine to produce goods and services in the business … [Read more...] about The Factors of Production In Economic System