what is economics

wasgigi0506
Mind Map by wasgigi0506, updated more than 1 year ago
wasgigi0506
Created by wasgigi0506 over 6 years ago
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a brief view of economics

Resource summary

what is economics
  1. scarcity and individual choice
    1. individuals faced a scarcity of
      1. time
        1. spending power
          1. facing this there is opportunity cost
            1. explicit cost
              1. dollar actually paid
              2. implicit cost
                1. the value of something sacrificed
          2. scarcity and social choice
            1. resources
              1. Labor
                1. capital
                  1. physical capital
                    1. human capital
                    2. Land
                      1. entrepreneurship
                    3. The world of economics
                      1. microeconomics
                        1. macroeconomics
                          1. positive economics
                            1. study of how economics work
                            2. normative economics
                              1. way to solve economics problem
                            3. why study economics
                              1. the methods of economics
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