Topic 1: Basics of Economics

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Cambridge IGCSE Economics Mapa Mental sobre Topic 1: Basics of Economics, creado por Alan Fowl el 19/11/2013.
Alan Fowl
Mapa Mental por Alan Fowl, actualizado hace más de 1 año
Alan Fowl
Creado por Alan Fowl hace más de 10 años
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Topic 1: Basics of Economics
  1. 1. What is Economics?
    1. Economics is the study of how humans use limited resources to satisfy unlimited wants.
      1. This is because of scarce resources.
        1. Because of scarce resources, producers must ultilise the factors of production.
    2. 2. Factors of Production
      1. 1. Land
        1. 2. Labour
          1. 3. Capital
            1. 4. Enterprise
      2. 3.Opportunity Cost
        1. The next best alternative forgone.
          1. This is the cost of everything, in terms of Economics.
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