Economics is the way in which people study the use of resources to meet their needs. Our needs are diverse. We all want food, clothes, shelter, transportation, entertainment and entertainment. However, the problem is that most of us want more basic knowledge.
We want something like new cars, cable TV and ball tickets! In fact, the ability we want is almost limitless! The problem is that our imports are usually too small to buy everything... we want to have it. The gap between what people want to have and what they can get is a fundamental issue in economics.
A reliable way to narrow this gap is to make each of us want less or less. Another way is for each of us to produce more for everyone. Economists can't say which is better.
Production is the use of resources to create something that meets human needs. It includes not only creating things in the sense of raising wheat, but also everything else that makes a product or product meet your needs. Bring the wheat to the market, grind flour, toast, and sell bread. Everything that enhances the ability to satisfy goods is part of production.
Basic resources ' use in the production of people who contribute to the workforce and resources provided by nature. Therefore, we have human resources. We have natural resources. The earliest people used natural resources by collecting plants or capturing animals that they knew how to use them as food. This is hard work, but it is more like discovery than production.
Later, people learned to go to the field, deliberately planting plants and taming animals. They also found that if they spend some time making tools, carts, etc., they can produce more...the things they want. This means they are using funds.
Capital does not just mean money. It refers to goods that do not directly meet the needs, but is used to produce other goods that directly meet the needs. Giant blast furnaces in steel mills, tractors and combine harvesters on farms, and expensive manufacturing plants are part of a large volume of goods used as capital in modern economics.
With the use of more complex capital-use production methods, the demand for a particular type of workforce becomes apparent. Men are needed to collect, organize and manage the resources used in production. This particular type of labor is often referred to as management or entrepreneurship. Economics often adds capital and management to the list of resources and mentions four types of resources: land, [meaning all natural resources] labor, capital, and management. The income received by the owner of each resource is called in order: rent, wages, interest, and profit.
Orignal From: Economics - how it fits
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