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...Basic economics activities module about economy notes economic production consumption and capital formation are called the of an scarce resources used in goods services with objective satisfying our needs wants process is carried by combining factors like land labour entrepreneurship paid rent wages interest profits for their productive activity consists use direct satisfaction individual or collective human a part current saved future to add existing stock plant machinery building etc every year order expand potential so whatever produced disposed either both objectives after completing this lesson you will be able understand its goals know factor incomes familiar how help explain circular flow last have read scarcity making choice these goal satisfy can sold markets provided government public at nominal charge therefore defined as creation utility involve people who make sell known producers combine along raw materials transform them into various try produce maximum amount using comb...