Alfred Marshall - "a study of mankind in the ordinary business of life"
Milton Friedman - "is the science of how a particular society solves its economic problems."
Lionel Robbins - "the science which studies human behavior as a rel
THE FUNDAMENTALS OF ECONOMIC THINKING
THE PRODUCTION POSSIBILITIES FRONTIER
Land : All the gifts of nature. The forest, minerals, natural resources, proven & unproven land, the
rivers, seas, oceans and everything in them.
Labor: The physical & mental tale
DEMAND AND SUPPLY
Market :Any arrangement in which goods and services are exchange (can be anywhere). There are 2
sides to a market:
Market 1) Buying Side Demand is relevant
2) Selling Side Supply is relevant
DEMAND: The word demand has a specific meaning