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Economic processes exist to satisfy the wants of people. This lesson takes a closer look at the processes of production, exchange, and consumption and the flow of goods and services, money, and the factors of production.
Up Next in Term 1
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The Circular Flow
By the end of this lesson, you will be able to identify the participants in the circular flow of a closed economy and gain an understanding of each participant in an economy and the roles they play.
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Introduction to a trading business
A trading business sells merchandise and or product that you can physically touch. Trading businesses receive payment from their customers for goods that they buy. This lesson will look at the cycle of a trading business.
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Cost of Sales and Sales
This lesson will look at the calculations of the cost of sales and markup.
