Economics Study of production and distribution of goods and services Economic Variables Price Demand & Supply Money Flows Output-Input Ratios Economics of Happiness Concerned with all cost of the economy Costs Suicides Crimes etc Activity Production 4 requirement/Factors: Land and resources Labour Physical Capital - variety of inputs Fixed capital - that can be used over many year like machine, building Working capit raw mat money in hand Human Capital - Entrepreneurs - Knowledge and Enterprise MONEY is only a facilitator in acq of these goods. Economic Activities: Market Non-market - self-consumption Development For comparing countries, their income is an imp attribute. Avg income = per capita ...