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Economics Chapters 1.1-1.2

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Economics (UNIT 1 Chapters 1.1-1.4) Mind Map on Economics Chapters 1.1-1.2, created by Daniella281 on 04/11/2013.
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Mind Map by Daniella281, updated more than 1 year ago
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Economics Chapters 1.1-1.2
  1. 1.1 Economic problem
    1. Factors of production
      1. Capital
        1. Machinery
        2. Enterprise
          1. Ideas for business and taking risks
          2. Labour
            1. workers - human capital
            2. Land
              1. All land including natural resources
            3. Resources are scarce but wants are infinite
              1. Resources are called factors of production
              2. Key words
                1. Needs
                  1. something essential to survive
                  2. Wants
                    1. something you would like to have
                    2. Resources
                      1. something to produce output
                      2. Productivity
                        1. output per worker per period of time
                    3. 1.2 Scarcity,choice and opportunity cost
                      1. Allocation of resources
                        1. Mixed economy (UK)
                          1. Similar to market economy but the government also allocates resources for services e.g. education
                          2. Market economy
                            1. Consumers decide what they want to buy and firms use resources to supply it
                          3. Goods and services
                            1. Good are tangible and can be used
                              1. Services are provided for you - they are intangible
                              2. Sectors
                                1. Tertiary
                                  1. Service sector
                                    1. Banking,tourism
                                  2. Secondary
                                    1. Raw materials manufactured into goods
                                      1. Car manufacturing, furniture manufacturing
                                    2. Primary
                                      1. Extraction of raw materiials
                                        1. Farming, mining
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