Question

What are the four key elements of the study of economics explain briefly why each one is important?

Answer 1

Land labour capital and enterprise

land:all natural resources used in the production of goods and services

labour:all the peopke involved in the production of goods and services

capital:the money, machinery etc owned by the business

enterprise the person who tries to bring all these element together in the hope of making a sucessfull business otherwise known as an entrepenuer

Anonymous

Answer 2

Answer:

Description

Analysis

Expansion

Prediction

Explanation:

Description :explains and puts a tag on economic activity.

Analysis: makes sure the market stays stable and to predict future results.  

Expansion: is needed to explain to consumers about the economy.  

Prediction: is key to making a profit in the economy (It affects everyone.)