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What is Economics?
Production (Supply) Transforming/ converting inputs (resources) to
consumable outputs (products/ services)
Producers = Inputs > CELL [Capital ($): Capitalist (invest $), Enterprise:
Entrepreneur/ Businessman (ideas), Land: Landlord (raw materials),
Labour: Workers (someone who does the job) HR Economics
Convert Inputs to Outputs
Sell to Consumers (Consumptions)
$ Revenue
Consumption (Demand)
Employment
Buyer (Demand)
-
Seller (Supplies)
Employers
Firms
Workers
Everyone
Market
Exchange
Population (100)
20
10
70
Non Labour
Unemployed
Employed
Labour force Participation Rate: LFPR = Total Labour Force / Total Population = 80
/ 100
Employment Rate: ER = Employed / Total Labour Force = 70 / 80
L
= C / L