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Topic 1: Basics of Economics

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Cambridge IGCSE Economics Mind Map on Topic 1: Basics of Economics, created by Alan Fowl on 19/11/2013.
Alan Fowl
Mind Map by Alan Fowl, updated more than 1 year ago
Alan Fowl
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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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