INTRODUCTION TO ECONOMIC

1.  ECONOMIC?

·         Social science

·         Allocation of scarce

·         Maximizing satisfaction

2.  RESOURCES :

a)      Land

b)      Labour

c)      Capital

d)      Enterpreneurship

3.  BASIC ECONOMIC CONCEPT :

·         Scarcity

·         Choice

·         Opportunity cost

4.  ECONOMIC  SYSTEM :

a)      Traditional economy

b)      Market economy

c)      Command economy

d)      Mixed economy