Jaisul Naik

* The main economiic groups: consumers, producers and government * The factors of production: (CELL) capital, enterprise, land, labour. * Capital: machinery. Enterprise: business ideas. Land: natural resources. Labour: workers * The basic economic problem: unlimited wants,

* a market is a place where buyers and sellers meet to exchange goods and services * market failure is when the market allocates goods and services at a wrong price or quantity * complete market