Some concepts of economics
Economics is the allocation of the scarce means of product toward the satisfaction of human wants. The basic principle of economics is scarcity, which means that we cannot ever haw а we want of every goods and service. It means that our demands for goods and services are unlimited, while resources on earth are limited. Without the problem of scarcity, there would be no need for the subject of economics. Societies need a system to organize and coordinate economic activities. Every economic system — whether free-market, government-controlled or mixed — must answer the three fundamental economic questions:
What goods and services will be produced?
How will they be produced?
For whom will they be produced?
These are three principal types of economic systems, but modern economies are a mixture.
Economic resources are often referred to as "the means of production" to produce an output of goods and services. These include land, labour, capital and entrepreneurial ability.
All natural resources including fields, forests, mineral deposits, the sea, water as well as the ground in which these resources are found. Land is used not only for the extraction of minerals
Mineral markets
Market is a place where buyers and sellers of a given commodity meet to determine price. Mineral markets are material goods markets, and many are regarded as world markets. The importance of various types of product in international trade, however, varies continuously. The production of minerals is influenced by geologic conditions. World trade in mineral commodities is dominated by petroleum, natural gas, coal, metals, and some industrial minerals. world markets for minerals are generally quite competitive and most metal prices are subject to a high degree of fluctuation over the business cycle. International trade in nonfuel minerals is important to hold down raw material costs in industrial countries.