- What does economics study?
- What is the economic problem?
- Scarcity is economic problem when we have to decide how and what to produce.
- What are economic resources (factors of production)?
- Capital, labour, enterprise and land used to make goods or services to satisfy a our wants
- What is an economic system?
- An economic system is the way society decides and organise what goods and services to produce, how much to produce and how the goods and services will be shared among them in society