Economics

Description

Introduction to Economics & It's Types
Rabab Soni
Mind Map by Rabab Soni, updated more than 1 year ago
Rabab Soni
Created by Rabab Soni over 3 years ago
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Resource summary

Economics
  1. What to produce
    1. capital goods
      1. Defense goods
      2. how to produce
        1. Labour Intensive Tech.
          1. Capital Intensive Tech.
          2. for whom to produce
            1. Rich
              1. Luxury
                1. Comfort
                2. Poor
                  1. Necessity
                3. Types Of Economies
                  1. Market/Capatilist Economy
                    1. Private
                      1. export/import
                        1. Demand & Supply
                          1. Whatever demanded will be supplied
                            1. No ethical Aspect
                        2. Individual Business
                          1. Profit Matters
                          2. No Interfering of the Government
                          3. Centrally Planned/Command Economy
                            1. Public
                              1. Controlled by government
                              2. Social Welfare & Satisfaction
                                1. Ethical
                                2. NOT only market forces
                                  1. Price Control
                                3. Mixed Economy
                                  1. Combo of Market & Command Economy
                                    1. Advantages of both combined
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