By the completion of this lesson, Basic Principles of Economics, you will:

• Explain the meaning of the four factors of production from an economic perspective in the context of farming (production inputs).
• Identify the type of market structure that they belong to and make appropriate decisions depending on their type of market structure and interpret the role of prices as signals of communication in their context.
• Describe the central questions that govern  economic thinking.
• Discuss the principles governing efficient allocation of resources including concepts of supply and demand, competitive market, market equilibrium and competitive strategies.