ECONOMICS SYSTEM

Antonio Espinoza
Mind Map by Antonio Espinoza, updated more than 1 year ago
Antonio Espinoza
Created by Antonio Espinoza almost 5 years ago
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society, economics and politics

Resource summary

ECONOMICS SYSTEM
1 COMPRISED OF THR VARIOUS PROCESSES
1.1 ORGANIZING AND MOTIVATING LABOR
1.2 PRODUCING, CIRCULATING, AND DISTRIBUTING OF THE FRUITS OF HUMAN LABOR
1.3 PRODUCTS AND SERVICES, CONSUMER GOODS, MACHINES, TOOLS, AND OTHER THECNOLOGY
1.3.1 USED AS INPUTS TO FUTURE PRODUCTION
1.4 INFRASTRUCTURE WITHIN AND THROUGH WICH PRODUCTION, DISTRIBUTION AND CIRCULATION OCCURS
2 DETERMINED BY THE POLITICAL, CULTURAL, AND ENVIROMENTAL CONDITIONS
3 USUALLY DEFINED WITHIN DETERMINATE POLITICAL BOUNDARIES
4 IS THE WAY IN WICH
4.1 PRODUCTION
4.1.1
4.2 CONSUMPTION
4.2.1
4.3 DISTRIBUTION
4.3.1 OF GOOD AND SERVICES ARE ORGANIZED
5 TYPES
5.1 MARKET
5.1.1 PEOPLE ACT VOLUNTARY
5.1.1.1 FOR FINANCIAL GAIN
5.1.1.2 PERSONAL SATISFACTION
5.1.2 FIRMS BUY FACTORS
5.1.2.1 PRODUCE OUTPUTS IN A WAY THAT WILL MAXIMIZE THEIR PROFITS
5.1.3 CONCUMER SUPPLY FACTORS AND BUY CONSUMER GOODS
5.1.3.1 MAXIMIZE THEIR SATISFACTION
5.1.4 AGREEMENTS ON PRODUCTION AND CONSUMPTION ARE MADE VOLUNTARY
5.1.5 USA
5.2 COMMAND
5.2.1 DECISIONS MADE BY THE GOVERNMENT BUREAUCRACY
5.2.2 THE PLANNING BUREAUCRACY DETERMINES THE THREE ECONOMIC QUESTIONS
5.2.3 PEOPLE LINKED BY A VERTICAL RELATIONSHIP
5.2.3.1 CONTROL IS HIERARCHY
5.2.4 NORTH KOREA
5.3 MIXED
5.3.1 FREE ECONOMIC ACTIVITY
5.3.2 SOME GOVERNMENT INTERVENTION AND REGULATION
5.4 TRADITIONAL
5.4.1 AUSTRALINA ABORIGINES
6 CAPITALISM
6.1 CHARACTERIZED BY PRIVATE OWNERSHIP OF RESOURCES AND MARKETS
6.2 MUST HAVE
6.2.1 PRIVATE OWNERSHIP OF RESOURCES
6.2.2 DECENTRALIZED DECISION MAKING USING MARKETS
6.3 WEAKNESS
6.3.1 UNEQUAL DISTRIBUTION OF INCOME
6.3.2 FAILURE TO PROTECT ENVIROMENT
6.4 STRENGTHS
6.4.1 ECONOMIC EFFICIENCY
6.4.2 ECONOMIC FREEDOM
7 SOCIALISM
7.1 GOVERNMENT OWNERSHIP OF RESOURCES AND CENTRALIZED DECISION MAKING
7.2 ALSO CALLED COMMAND SOCIALISM
7.3 COMMAND SYSTEM OWNS AND CONTROLS THE MAJOR INDUSTRIES
7.3.1 STEEL
7.3.2 ELECTRICITY
7.3.3 AGRICULTURE
7.3.4 FREE MARKETS CAN EXIST IN FARMING, RETAIL TRADE, AND CERTAIN SERVICES AREAS
7.4 STRENGTHS
7.4.1 EQUITABLE DISTRIBUTION OF INCOME
7.4.2 RAPID ECONOMIC GROWTH
7.5 WEAKNESS
7.5.1 ECONOMIC INEFFICIENCY
7.5.2 GOVERNMENT BUREAUCRATS
8 WITHIN THE ECONOMIC SYSTEM WE CAN FIND
8.1 PRODUCING UNITS
8.2 MARKETS
8.3 RESOURCES
8.4 ECONOMIC SECTORS
8.4.1 PRIMARY
8.4.1.1 ACTIVITIES WHICH ARE DEVELOPED THROUGH THE NATURAL RESOURCES OF A COUNTRY
8.4.2 SECONDARY
8.4.2.1 INDUSTRIAL ACTIVITIES THROUGH WICH RAW MATERIALS ARE TRANSFORMED INTO PRUDUCTS
8.4.3 TERCIARY
8.4.3.1 ALL ECONOMIC ACTIVITIES WHICH ARE PERFORMED BY SERVICES
9 FACTORS OF PRODUCTION
9.1 LAND
9.2 LABOUR
9.3 CAPITAL
9.4 ENTREPRENEURIAL SKILLS
10 ECONOMIC AGENTS
10.1 INDIVIDUALS
10.2 HOUSEHOLDS
10.3 FIRMS
10.4 GOVERNMENT
10.5 THE REST OF THE WORLD
11 DISTRIBUTION OF RESOURCES DEPENDS ON THE ECONOMIC SECTOR
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