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Chapter 15
Introduction to Economics
Question | Answer |
---|---|
Economics | The study of how people and businesses with limited income make decisions about what they spend their money on. |
Factors of production | The elements necessary to produce goods and servises. They can be divided into four categories - land, labour, capital and enterprise. |
Economic system | A country refers to the way the country uses its factors of production to produce goods and servises. |
Economic growth | To the change in quantity of goods and services produced in country from one year to the next. |
Inflation | To an increase in pries in a country from on period to the next. |