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Monday, 29th March Introductory Economics (Summary) 1. Factors of production * Factor inputs are the resources available in the production process. * Contradiction between infinitive human necessities and limited resources --> Economics * Resources must be used efficiently to maximize the output of production * There are three types of resources: o Land: * Is the natural resource available for production. * Some countries specialized in the extraction and production of these resources. (I.e.: North sea oil and gas development) * Air is a free good --> no cost of opportunity. o Labour: * Is the human input into the production process. * A sustain increase in the employed labour force provides more labour resources, with which to increase total output. * Non-market output is produces by people who produce goods and services but don't get paid. (I.e.: Housewives) * Not all labour force is the same quality --> productivity depends on education, training and experience. * Human capital --> refers to quality of labour...

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