I have given some improtant concepts of economics below in my attachments which are easy to understand as written in my own words.
I have also given some definitions in the comment section which are also easy to understand.
Economics is a very broad subject.
I am not a economist but would certainly like to learn and understand the concepts of different economist how they understood the economy of the country.
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Economic growth occurs when there is expansion of a country's potential GDP / capitia.
Factors affecting GDP are :
Human Resources
Natural Resources
Capital formation
Technology and entrepreneurship
Unemployment leads to a deterioration of both physical and phychological health, higher level of heart disease, alcoholism and suicide.
Financial Capital is money used by entrepreneurs and businesses to buy what they need to make their products or provide their services.
Economic capital is the amount of risk capital, assessed on a realistic basis which a firm requires to cover the risks that it is running or collecting as a going concern, such as market risk, credit risk and operational risk
Absolute Advantage : A country has an absolute advantage over it trading partners if it is able to produce more of a good or services with the same amount of resources or the same amount of goods or services with fewer resources.
Comparative Advantange : A country has a comparative advantage in the production of goods or service that it produces at lower opportunity cost than its trading partners.