1.1.1 Economics as a Social Science 0.0 / 5 ? EconomicsMicroeconomicsASEdexcel Created by: 13clarkenCreated on: 06-02-19 16:59 ... is when all other things remain equal (hard in the real world as you can't isolate the effects of one change on another factor) Ceteris Paribus 1 of 7 The 4 ... are Consumers, Workers, Firms and Governments Economic Agents 2 of 7 Economic Agents: ... -> aim to maximise utility Consumers 3 of 7 Economic Agents: ... -> aim to maximise wages and other benefits. Rational ... choose to work in an industry where they get the most reward Workers 4 of 7 Economic Agents: ... -> aim to maximise profits Firms 5 of 7 Economic Agents: .. -> aim to maximise social welfare Governments 6 of 7 The 4 ... of ... are Land, Labour, Capital and Entrepreneurship Factors Production 7 of 7
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