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Economics notes pdf free download. Economics AS Level Notes Economics Definition – The study of how to allocate scarce resources in the most effective way Economic Problem Definition – How to allocate scarce resources among alternative uses Household Definition – A group of people whose spending decisions are connected Microeconomics Definition – The study of how households and firms make decisions in marketsFile Size: KB.
Economics AS Macroeconomics Notes Aggregate Demand – The total demand for a country’s goods and services at a given price level and in a given time period. E – The Level Of Economic Activity In the Economy – If there is a high level of unemployment, a.
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2 1 The Basic Economic Problem Factors Of Production 1 Land Land refers to all-natural resources which are free gifts of nature. 2. Labour Human efforts done mentally or physically with the aim of earning an income is known as.
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Definition of Economics The analysis of economic environment requires the knowledge of economic decision making and hence the study of “Economics” is significant.
There are 4 definitions of Economics. (i) Wealth Definition: Adam Smith defined “Economics as a science which inquired into the nature and cause of wealth of Nations”.
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