Macroeconomics

t.c.zacharias22
Mind Map by , created almost 6 years ago

IEB grade 10 Economics (Macroeconomics) Mind Map on Macroeconomics, created by t.c.zacharias22 on 11/05/2013.

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t.c.zacharias22
Created by t.c.zacharias22 almost 6 years ago
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Macroeconomics
1 Basic economic problem
1.1 Scarcity problem

Annotations:

  • lack of resources available 
1.1.1 A
1.1.1.1 Absolute scarcity (factors of production)
1.1.1.1.1 Human resources (labour)
1.1.1.1.2 Natural resources (land)
1.1.1.1.3 Human-0made resources (capital)
1.1.1.1.4 Entrepreneurial talents (entrepreneurship)
1.1.1.2 Relative scarcity
1.1.1.3 Scarcity and poverty
1.1.2 B
1.1.2.1 Economic goods

Annotations:

  • are scarce, they have utility (satisfy wants) and value (can be brought and sold) they are part of someones wealth, they belong to someone.
1.1.2.2 Free goods

Annotations:

  • are so plentiful nobody would pay for them, although they have utility they have no commercial value i.e. air and water. (don't belong to anyone)
1.1.3 C
1.1.3.1 Alternatives
1.1.3.2 Choices
1.1.3.3 Decisions
1.1.3.3.1 Customs
1.1.3.3.2 The state
1.1.3.3.3 The market
1.1.4 D
1.1.4.1 Opportunity cost

Annotations:

  • the value of the next best alternative that has been given up.
2 Business cycle

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