Short Definitions of Economics

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Factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Causes of depreciation:
Currency depreciation can occur due to factors such as economic fundamentals, interest rate differentials, political instability, or risk aversion among investors.

Currency Depreciation::
Currency depreciation is a fall in the value of a currency in terms of its exchange rate versus other currencies.

Economic Growth policies::
1. How much are saved, less or more.
2. How to increase savings.
3. Where investment are to be preferred, private or public investment .
4. Technological growth.

Inflation::: The percentage average increase in the prices of the commodity, is called inflation.

Factors of production; There are four basic factor of production i.e Land ,Labour, Capital, Organization.

Economics is the study of human behavior to allocate scarce resources and distribution of commodities among different people.

Law of supply,, if others things i.e income,fashion,weather, remain the same, then increase in the price of a commodity increase its supply and vice versa.....Qs is directly proportional to Ps..

Economics deal with those activity of human being which relate to unlimited wants and scarce resources.