Economic Resources

beth2384
Mind Map by beth2384, updated more than 1 year ago
beth2384
Created by beth2384 over 6 years ago
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Description

A Levels Economics (Unit 1, 1 The Economic problem) Mind Map on Economic Resources, created by beth2384 on 10/26/2013.

Resource summary

Economic Resources
1 FACTORS OF PRODUCTION
1.1 1. LAND
1.1.1 the natural resources we take from the world
1.1.2 Examples: fish, forestry, air, minerals, land
1.1.3 reward= RENT
1.2 2. LABOUR
1.2.1 All the potential work force including the physical people and their skills, ability and intelligence
1.2.2 reward= WAGES
1.3 3. CAPITAL
1.3.1 The stock of goods used to make other goods and services (capital goods)
1.3.2 Examples: machines, tools, computers, roads, railways, buildings
1.3.3 Reward= INTEREST
1.4 4. ENTERPRISE
1.4.1 Risk takers who are prepared to work to bring factors 1-3 together to make goods and services
1.4.2 (business manager, entrepreneur)
1.4.3 reward= PROFIT
2 free good= goods with no opportunity cost, they are free, e.g. air, education
3 Economic good= goods that are scarce and therefore have an opportunity cost, e.g. oil, food, clothes
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