Renewable Resources - These are resources that can be used again and again, Non-renewable resources - These are resources which the world will eventually run out. They are finite, Households - Consume goods and services with the income they receive by supplying the factors of production, Firms - Produce goods and services by using the factors of production, Governments - Set rules, tax everyone, spend money on producing goods and services, Microeconomics - looking at the economy from the point of view of individual units such as a household, market or industry, Macroeconomics - studies the economy as a whole. The issues include inflation, unemployment and economic growth, The short run - this is a time period when only some variables can change or at least one factor of production is fixed, The long run - This refers to a time when all factors of production can change, The very long run - this refers to a time period when it is possible for supply to change due to technological progress.,

Economic Problem 2

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