Business English Grammar Exercises/Quizzes (ESL/ELL - Prepositions, Articles, Verb Tenses)

Economic Definitions Political Economy is the study of how people get a living. What, then, is Economics? Although the two terms are sometimes used interchangeably, there is a subtle distinction to be made between them. Henry George, like all the classical political economists, recognized that the means for satisfying our desires is human effort, so he stated the problem of scarcity in terms of labor. People seek to satisfy their desires with the least exertion. The classical political economists recognized the problem of scarcity, but they were preoccupied with the economic life of the entire community — with the "wealth of nations." The science which deals with the natural laws governing the production and distribution of valuable goods and services. The Three Factors of Production One of the central characteristics of this course is its focus on land as a distinctive factor of production, which must be considered separately from the other two factors, capital and labor. Not one bit. LAND. LABOR. WEALTH.