Mapa mental
economics note 1
Mind map: economics note 1
Contenido del mapa
economics note 1
oppurtunity cost
scarcity
production possibility frontier
- principle of diminishing return
- shift
- imporvement in productivity and efficiency
- increase size of workforce/ rise in amount of capital equipment
free market economy
- ownership:owned privately
- objectives
- customer:maximise welfare
- firms:maximise profit
- individual who owns factors of production
- maximise wagem rents, interest and profit
- what will be produced
- cosnumer sovereignty:whatever the consumer wants
- how will it be produced
- efficiently
- labour intensive
- capital intensive
- for whom will it be produced
- the rich
specialisation
money
- medium of exchange
- store of value
- unit of account
- standard of deferred paymen
- characteristics of money
- acceptable to all
- portable
- duraable
- divisble
- limited
- difficult to forge