What are you going to learn in this chapter?
Introduction
Price and Value
- Value in use
- Value in exchange
- Relationship between value in use and value in exchange
Goods and Services
- Types of goods
Wealth and Welfare
- Meaning and characteristics of wealth
- Types of wealth
- Relationship between wealth and welfare
Factors of Production
- Land
- Labour
- Capital
- Entrepreneur
Trade Cycle
- Types
- Definition
- Phases