Factors of production: are “productive resources used in the process of Production “. Man uses these resources to earn an income. 1. Land: i) Definition “Anything on above and below the surface of earth given to us by nature” According…
Monthly Archives: June 2013
Basic Concepts – Factors of Production
Tagged with: capital, enterprise, factor income, factors of production, labour, land
Posted in General Economics
Posted in General Economics
Basic Concepts – Income
INCOME To satisfy wants, man undertakes economic activity, in order to earn an income. Definition of income Income is “the total earnings of a person from all sources, in cash, kind or both, over a given period of time, usually…
Tagged with: Earned income, Flow, Income, investment, Money income, Real income, saving, Unearned income
Posted in General Economics
Posted in General Economics
Basic concepts – Wants
WANTS NEEDS & DESIRES – A distinction may be made between wants, needs and desires. To the extent that they all indicate a state of absence of satisfaction, they are synonymous but they are a shade different from each other.…
Basic Concepts – Introduction
BASIC CONCEPTS Basic concepts need to be understood in order to avoid misunderstanding. Every science uses certain terms which are commonly used in ordinary language. When they are used in scientific discussion, they are assigned specific and scientific meaning. In…