economics

kmwan8
Mind Map by kmwan8, updated more than 1 year ago
kmwan8
Created by kmwan8 about 6 years ago
2
0

Description

the make -up and making process of some goods and the conception and graphs of the PPF, the categories of resources

Resource summary

economics
  1. needs/wants
    1. services
      1. goods
        1. bread
          1. Natural
            1. oil
              1. water
                1. sugar
                  1. flour
                  2. Labour
                    1. baker
                      1. pastry cook
                      2. Capital
                        1. oven
                          1. mixer
                        2. T-shirt
                          1. Natural
                            1. cotton
                              1. wool
                                1. fabric
                                2. Labour
                                  1. designer
                                    1. factory worker
                                    2. Capital
                                      1. Jenny
                                        1. sewing machine
                                      2. Doctors consultation
                                        1. Natural
                                          1. cotton
                                            1. string
                                            2. Labour
                                              1. doctor
                                                1. nurse
                                                2. Capital
                                                  1. treatment
                                                    1. machine
                                                      1. medicine
                                                      2. band-aid
                                                  2. resourses
                                                    1. land
                                                      1. image
                                                      2. labour
                                                        1. worker
                                                        2. capital
                                                          1. enterpreneurial
                                                          2. PPF---Production Possibility Frontier
                                                            1. opportunity cost
                                                              1. To enlarge the amount of one source
                                                                1. cut the number of another source
                                                                  1. add a few quantites for the sum
                                                                2. Equilibrium
                                                                  1. a market condition that occurs at any price for which the quantity demanded (Qd) and the quantity supplied (Qs) are equal.
                                                                  2. Market disequilibrium
                                                                    1. any market situation where quantities supplied and demanded are not equal. I.e. shortage or a surplus
                                                                    2. Price Mechanism
                                                                      1. the system we have learnt about whereby changes in demand and supply leading to market disequilibrium will lead to suppliers responding by either raising or lowering the price until a new equilibrium quantity is met.
                                                                      2. Product markets or Goods markets
                                                                        1. are where goods and services are traded for money
                                                                        2. Factor markets
                                                                          1. Where factors of production are traded.
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