Question

What is economics, and how are the three sectors of the economy linked?

Answer 1

Answer:

This is a part of my Economic Resources doc and I'm not sure about the second part of the question but I hope it helps!

Explanation:

Ｅｃｏｎｏｍｉｃ Ｒｅｓｏｕｒｃｅｓ

For a firm (producer) to make any product, it needs to use ECONOMIC RESOURCES. These are INPUTS to be used together or combined efficiently to produce goods/services.

Ｗｈａｔ ｙｏｕ ｎｅｅｄ ｔｏ ｋｎｏｗ：

What is a PRODUCER?

a person, franchise, brand or country etc. that makes, grows, or produces goods and services for sale to customers or consumers.

What is a RESOURCE?

a stock or supply of goods, materials, and products that can be bought  by a person or organization in order to function effectively.

What is an ECONOMIC resource?

Natural supplies that can be used to make a product. It is important for the success of the company.

Ｃｌａｓｓｉｆｉｃａｔｉｏｎ ｏｆ Ｅｃｏｎｏｍｉｃ Ｒｅｓｏｕｒｃｅｓ：

Natural resources (LAND)

Natural resources are ones who are not man made and are there naturally. This could be land, light, water, electricity, etc.

Human resources (LABOUR)

Capital resources (CAPITAL)

Entrepreneurship (ENTERPRISE)