Introduction to Economic System

Topics: Economics, Economics terminology, Marginal cost Pages: 3 (611 words) Published: June 1, 2014
Name: Puwanart Dhammakulthorn
Class: Economics 412
Date: 18/05/14
Assignment: Chapter 1, Section1, AssessmentQuestion1-5
1. Explain the relationship between the terms in each of these pairs: A . Wants & Scarcity - We are all have want but also we have limited resource So that when scarcity exist we have unlimited want but we have limited resource. B . Consumer & Producer – Consumer buy things that producer produce and producer get the money from consumer to produce more product. C . Factor of production & Entrepreneurship – The entrepreneur use the factor of production to manage the business. 2. What is the difference between needs and wants? Explain how a need may also be a want. Needs are the requirements for a viable existence: food, water, shelter. Wants may be defined as a desire for goods which are not necessary for survival, but which would provide comfort or pleasure but sometimes if you have needs likes you have a house also you wants you’re house bigger or you want to eat expensive food this is when need become wants.

3. How does scarcity affect consumers? Producers?
It’s affect consumers because they can’t get product or service on time So they can change their mind by go buy another product or service and it’s also affect producer too by causes producers to either charge higher prices or to produce more goods and services.

4. What services that individuals or businesses provide do you use every day?
I used BTS and bus to go to school everyday and I used 7/11 for bought foods and drinks.

5. Describe how the owners of a computer repair store might use the four factors of production to run their business.
The owner need to have land to build the store, labor to repair the computer, Capital to pay for labor salary or for advertise and Entrepreneur to manage the store.

Name: Puwanart Dhammakulthorn
Class: Economic 412
Date: 18/05/14
Assignment: Chapter 1, Section2, AssessmentQuestion1-5
1. Explain the...
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