resolving scarcity

Description

GCSE Economics Mind Map on resolving scarcity, created by Javed Hussain on 05/05/2013.
Javed Hussain
Mind Map by Javed Hussain, updated more than 1 year ago
Javed Hussain
Created by Javed Hussain almost 11 years ago
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Resource summary

resolving scarcity
  1. all about allocation of a nations scrce rsorces
    1. basic eo problm
      1. wht 2 prod
        1. 4 who 2 prod.
          1. how 2 prod.
          2. oppurtunity cost
            1. value of next best alternative
              1. shown on ppc
                1. diifent combination of 2 products an economy van prod. if all rsources r used up
                  1. trade offs = change in capital/consumer gds
                    1. consumr gsd= prchsed by households e.g food
                      1. captl gds= prchsed by firms and used 2 prod. othr gds e.g machinery/cars
                    2. ovr timme ppcs rise
                      1. become more efficient
                        1. economic growth
                          1. q. of population
                            1. q. of labour
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