ECONOMICS
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ECONOMICS 1
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Reference: Prescribed book PG 60 Households own factors of production (natural resources, labour, capital and entrepreneurship). They sell these factors to firms in the factor markets and receive rent (natural resources), wages and salaries (labour), interest (capital) and profit (entrepreneurship). Firms combine these factors of production to produce goods and services that are sold in the goods markets to households who use the income (derived from selling their factors of production) to ...
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Reference: Prescribed book PG 60 Households own factors of production (natural resources, labour, capital and entrepreneurship). They sell these factors to firms in the factor markets and receive rent (natural resources), wages and salaries (labour), interest (capital) and profit (entrepreneurship). Firms combine these factors of production to produce goods and services that are sold in the goods markets to households who use the income (derived from selling their factors of production) to ...