preview

Economics Definition Of Economics

explanatory Essay
965 words
965 words
bookmark

1. Land a. Definition: Anything that is not produced by human and can be used in production. Land includes natural resources and are normally used as raw materials. b. Example: Air, soil, water are all considered as land, since they are not produced by human and can be used in production of many different kinds of goods. 2. Capital a. Definition: Physical assets that a company used to produce. Money, however, does not count as capital in the production, because money cannot be used directly to produce products. b. Example: Businesses have to use buildings or machines to produce. Buildings count as physical assets that will not depreciate a lot. Machines or vehicles, however, depreciate faster. 3. Labour a. Definition: Human capitals that can transform raw materials into …show more content…

Definition: Economics is the study of how individuals, firms, companies, and nations make choices on distributing scarce resources to satisfy as much of their wants as possible. (http://www.investopedia.com/terms/e/economics.asp) b. Example: The study of economics is important for the understanding of the limited amount of resources the Earth can provide, so people can make better choices on answering the three basic economic questions: what to produce, how to produce and for whom to produce. 10. goods a. Definition: Usually a tangible product or material that provides utility for the consumer. (https://en.wikipedia.org/wiki/Good_(economics)) b. Example: An apple, a car, a computer, these are all goods that provide utilities for the consumers who purchase them. 11. services a. Definition: Services are an example of intangible goods. The consumers of the services usually do not have the ownership of the services. The benefit a service brings depends on what the consumer is willing to pay. (https://en.wikipedia.org/wiki/Service_(economics)) b. Example: The services that doctors provide in hospitals, and the education that teachers provide in schools are all considered as services. 12.

In this essay, the author

  • Explains that land includes natural resources and are normally used as raw materials.
  • Explains that air, soil, and water are all considered as land, since they are not produced by humans and can be used in production of many different kinds of goods.
  • Explains that money does not count as capital in the production because money cannot be used directly to produce products.
Continue ReadingCheck Writing Quality

Harness the Power of AI to Boost Your Grades!

  • Haven't found what you were looking for? Talk to me, I can help!
Continue Reading