Economics

Economics is a Business-type subject and an inexact social science. While studying it, students observe and try to understand different types of business and businesses. Business can be interpreted as transactions or other economic activity from the perspective of consumers, businesses or governments.

Full Introduction
In definition, Economics is said to study human behaviour in relation to aims and scarce resources which have alternate uses. In Economics, the aforementioned "aims" are divided into "needs" and "wants". During learning, the differentiation between the two forms of aims can be very important. The "scarce resources" refer to the Factors of Production. These are Land, Labour, Capital and Enterprise. These are very important in Economics and knowledge of at least one is tested in every Leaving Certificate exam. In short, A Factor of Production (FoP) is anything that can be used to create wealth. Land any FoP which is provided by nature, Labour is a human effort which is used as a FoP, Capital is a FoP made by man and, finally, Enterprise is the organisation of other FoPs.

* Note that FoP is not an official acronym. It may be accepted in any year in place of Factor of Product but it usually wont. Please think "Factor of Production" when reading FoP rather than "eff-oh-pee".

Aims of Economics
Economics deals with making decisions in order to satisfy as many wants and needs as possible with limited scarce resources. The aims of economics are threefold: 1. To use scarce resources in the most efficient way possible. 2. To achieve an equitable distribution of wealth. 3. To create a stable economy.

Chapters
Economics - Demand