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Economics- the study of how to use our limited resources L L C E wisely to help make society and individuals better off Land- natural gifts of nature Labour- various intellectual talents as well as physical power provided by labour force Capital- the money needed to produce Entrepreneurship- the idea or ability to create the production its people employed to think There are two branches of economics Microeconomics factors that influence smaller parts of the Australian economy Macroeconomics looks at the whole nation birds eye view of the economy for a country Interest rate- the cost of borrowing money The problem with relative scarcity refers to the face that there are not enough resources to satisfy societys unlimited wants The opportunity cost of producing an item is the cost lost in not producing the next best item Here we see that if this producer is in a market that thrives in he usage of guns yet not much butter then he would be advised by entrepreneurs to enter his L L C into the production of butter as there is more demand and not as much supply This is seen as microeconomics The PPF is the Possibility Production Frontier it represents the maximum output that can be achieved To increase the output in an economy you lower opportunity cost There are 4 main types of economic systems Decision making Planned Capitalism- Governments control markets to an extent set what they want sold although money is still retained within the private system products owned by private businesses This would seem to be the worst market system for
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