'Economics Revision'

' miserliness is a governance in which goods and operate argon produced and consumed. The study instrumentalists argon households, manufacturers and the government. Households procure goods and services from producers and producers involve payments for labour buns to households (employees). Governments provide bodied goods much(prenominal) as infrastructure and transmit access to both households and producers.\nMicro economics deals with individual markets such(prenominal)(prenominal)(prenominal) as the structure, divvy up and performance of monopolies (one producer sole(prenominal)) and perfect opposition (to a greater extent than one producer). Eg the berth and financial markets. Monopoly is when on that point is a single(a) or only producer is an industry. Australia chain armor and perfect contestation is when there is more than one player in a market. A consumer is an individual, administration or convocation that gains satisfaction from buying goods and serv ices.\nNeeds are things that are nigh important to set about life. Wants are things that you thirst and that could be perennial but non necessary to draw life. Eg for needs staple food and water, eg for wants a new tv or car. material goods are items that are tangible such as cars, tv, apparel and non material goods are goods that improve the character of life for consumers such as great air, health and so on\nEconomic picks accept dry land, labour, capital and enterprise. commonwealth resources include land itself like paddocks and another(prenominal) natural resources such as oil, water, uranium etc. prod includes various expert talents as easily as forcible power provided by the labour force. Knowledge, skills and abilities dope be certain through training, nurture and experience. Capital resource includes man do items like machinery and tools which financial aid in the output signal of goods and services. Lastly, enterprise refers to the skills volumi nous in successfully managing a business. The combine of all tetrad resources, results in enterprise. The economic problem is with cardinal opposing forces eternal needs and wa... '