Important definitions: economics, economic problem, household, microeconomics, macroeconomics, FoP's(factors of production), goods, services, land, labour, capital, entrepreneurship, entrepreneur, factor endowment, production, want, scarcity, choice, opportunity cost, specialization, exchange, subsidy, division of labour, productivity, PPC-PPF(production possibility curve/ frontier), developed economy, developing economy, trade-off, economic growth productive potential,economic system, market economy, price system, supply, demand, command economy and mixed economy
Factors of production and their reward:- land - rent
- labour - wage
- capital - interest
- entrepreneurship - profit
Example of developed economies: USA, UK, Germany, Italy, France, Japan
Examples of developing economies: China, Egypt, Malaysia, Czech Republic
Production Possibility Frontier / Curve:
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