Foreign Educator Teaching System

Tag: economic

  • Economic growth

    Economic growth There are many ways economists describe economic growth, for example: An increase in the number of goods and service produced by an economy Increase in the overall capacity of producing goods and services Government wants it for higher GDP and better standard of living

  • Price stability in an Economy

    Price stability The government does not want the prices of goods and services to change dramatically Unstable prices lead to uncertainty and lack of investment A stable increase in price shows economic growth

  • Aims of government policies

    Aims of government policies Full employment Price stability Economic growth Redistribution of income Balance of payments stability

  • Factors of production

    Factors of Production Land Labor Capital Enterprise

  • Nature of the economic problem

    Nature of the economic problem The fundamental economic problem arises due to scarcity Scarcity is when there are insufficient resources to satisfy everyone’s wants and needs Finite resources and unlimited wants