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Introduction to economics

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Firnas Faris
EducationTechnologyEconomy & Finance
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An Economy ,[object Object]
3 Major Functions
Utilizing goods & services in order to get satisfaction. (UTILITY) Process of converting resources into goods & services. (PRODUCTION PROCESS)
 
 
 
[object Object],Productivity = Output Input
 
Differences between economic goods & non-economic goods (free goods)
 
 
Classification of Economic Goods according to their usage
 
 
 
 
 
2 Alternative solutions to solve the problem of SCARCITY
 
[object Object],[object Object]
The opportunity cost refers to the next best alternative
 
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Population age above TEN 20 M Students 3 M House Wives 2 M Religious Leaders 1 M Disable Soldiers 4 M (10) 10 M
Labour Force
 
 
 
 

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Introduction to economics