Fundamentals of Economics What is an economy?

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Agenda
Definition of economy
Factors of production
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Nature of economy
How economic problems arises?
Economic System
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he gets his income and how he uses it. Thus it is on one side a study of wealth and on
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-Adam smith
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What is an Economics?
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Economy
Economy is the study of
how we choose to use
limited resources to obtain
the maximum satisfaction
of unlimited human wants
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Unlimited Wants

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Unlimited wants
Wants for food Wants for clothing

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Needs and Wants:

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How economic Problem arises?

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 Economic system
Planned economy
Free economy
Mixed economy
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