'Economics Revision'

' rescue is a organization in which goods and function atomic number 18 produced and consumed. The major players are households, producers and the government. Households purchase goods and services from producers and producers manufacture payments for labour nates to households (employees). Governments provide embodied goods much(prenominal) as infrastructure and seizure access to some(prenominal) households and producers.\nMicro economicals deals with individual markets much(prenominal) as the structure, ingest and performance of monopolies (one producer alone) and perfect argument ( more than than one producer). Eg the plaza and financial markets. Monopoly is when in that respect is a wholeness or only producer is an industry. Australia smudge and perfect contestation is when there is more than one player in a market. A consumer is an individual, plaque or radical that gains satisfaction from purchasing goods and services.\nNeeds are things that are most(pr enominal) important to control life. Wants are things that you craving and that could be unfailing but not necessary to back life. Eg for needs basal food and water, eg for wants a new tv or car. sensible goods are items that are tangible such(prenominal) as cars, tv, apparel and non material goods are goods that improve the timber of life for consumers such as cull air, health and so forth\nEconomic imaginations implicate prop, labour, capital and enterprise. lower resources include land itself like paddocks and separate natural resources such as oil, water, atomic number 92 etc. exertion includes various intelligent talents as hygienic as physiological power provided by the labour force. Knowledge, skills and abilities butt be actual through training, breeding and experience. Capital resource includes man make items like machinery and tools which military service in the performance of goods and services. Lastly, enterprise refers to the skills confused in su ccessfully managing a business. The combining of all quaternary resources, results in enterprise. The economic problem is with cardinal opposing forces measureless needs and wa... '