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Description
Mind Map by Ella Deely, updated more than 1 year ago
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Created by Ella Deely
over 5 years ago
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Intro to
Economics-Chapter
29
- What is an Economy?
- An economy is a system on individuals,
businesses and governments that
produces, sells and buys goods and
services.
- An economy is a system on individuals,
businesses and governments that
produces, sells and buys goods and
services.
- What is Economics?
- Economics is the study of how individuals,
businesses and governments make
choices on where to allocate limited
resources.
- Economics is the study of how individuals,
businesses and governments make
choices on where to allocate limited
resources.
- Economic
Resources
- Land
- Land is the natural
resources available in a
country for use in the
production of goods and
services. Economic return=Rent
- Land is the natural
resources available in a
country for use in the
production of goods and
services. Economic return=Rent
- Labour
- Labour is all the workers in a
country who are available to help
produce goods and services.
Economic Return=Wages
- Labour is all the workers in a
country who are available to help
produce goods and services.
Economic Return=Wages
- Capital
- Capital is all the financial resources that
are available in a country to help with the
production of goods and services.
Economic Return= Interest
- Capital is all the financial resources that
are available in a country to help with the
production of goods and services.
Economic Return= Interest
- Enterprise
- Enterprise is the act of the person or business
that brings together the land, labour and
capital to produce goods and services.
Economic Return=Profit
- Enterprise is the act of the person or business
that brings together the land, labour and
capital to produce goods and services.
Economic Return=Profit
- Land
- Types of Economic
Systems
- Free Economy
- A free economy is an economy in which anyone is
free to make decisions about the production of goods
and services. Anybody can set up a business, as long
as its legal. Sometimes called a capitalist system.
- A free economy is an economy in which anyone is
free to make decisions about the production of goods
and services. Anybody can set up a business, as long
as its legal. Sometimes called a capitalist system.
- Controlled Economy
- A controlled economy is an economy in
which the government has total control
over the production of goods and
services. Sometimes called a communist
or socialist system. eg- north korea.
- A controlled economy is an economy in
which the government has total control
over the production of goods and
services. Sometimes called a communist
or socialist system. eg- north korea.
- Mixed Economy.
- A mixed economy is an
economy in which the
government and businesss
share the production of
goods and services. eg-
irish economy.
- A mixed economy is an
economy in which the
government and businesss
share the production of
goods and services. eg-
irish economy.
- Free Economy
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