Introducing Economics

sarahsing
Mind Map by , created over 5 years ago

Mind Map on Introducing Economics, created by sarahsing on 04/20/2014.

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sarahsing
Created by sarahsing over 5 years ago
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Introducing Economics
1 The Economic Problem
1.1 Scarcity
1.1.1 Unlimited Wants
1.1.2 Limited Resources
1.1.2.1 Choices
1.1.2.1.1 Opportunity Cost
1.1.2.1.1.1 Next best alternative
2 The Coordination Problem
2.1 Market Economy
2.1.1 Market Forces
2.2 Centrally Planned Economy
2.2.1 State allocation
2.3 Mixed Economy
2.3.1 Price Signals
2.3.2 Government direction
3 Factors of Production
3.1 Labour
3.1.1 Human Resource
3.2 Land
3.2.1 Natural Resources
3.2.1.1 Raw Materials
3.2.1.1.1 Renewables
3.2.1.1.1.1 Forests
3.2.1.1.2 Non-renewables
3.2.1.1.2.1 Oil
3.2.1.1.2.2 Coal
3.3 Capital
3.3.1 Produced Resources
3.3.1.1 Stock of past production
3.3.1.1.1 Aid current production
3.3.1.2 Factory Buildings
3.3.1.3 Transport Equipment
3.3.1.4 Machinery
3.4 Entrepreneurship
3.4.1 Human Resource
3.4.1.1 Organises production
3.4.1.2 Identifies projects
3.4.1.3 Bears risk
4 Models and Assumptions
4.1 Model
4.1.1 Simplified respresentation
5 Production Possibility Curve
5.1 Curve
5.1.1 Maximum Combinations
5.1.1.1 Given time
5.1.1.1.1 Allocated resources
5.2 On the PPC
5.2.1 Full use
5.2.1.1 Efficient
5.3 In the PPC
5.3.1 Unemployment
5.3.1.1 Inefficient
5.4 Beyond the PPC
5.4.1 Unattainable
6 Specialisation
6.1 Adam Smith
6.1.1 Division of Labour
6.1.1.1 More Productive
6.1.1.1.1 Specialising
6.1.1.1.1.1 Stages
6.2 Greater possibility of trade
6.3 Gains
6.3.1 Differences
6.3.1.1 Opportunity Cost
7 Markets
7.1 Arrangements
7.1.1 Allow Transactions
8 Money and Exchange
8.1 Barter Economy
8.1.1 Inefficient
8.1.2 Importance of Money
8.2 Money
8.2.1 Medium of Exchange
8.2.2 Store of Valiue
8.2.3 Unit of Account
8.2.4 Deferred Payment
9 Microeconomics and Macroeconomics
9.1 Microeconomics
9.1.1 Individual decisions
9.1.1.1 Consumers
9.1.1.2 Producers
9.2 Macroeconmics
9.2.1 Interactions
9.2.1.1 Economic Variables
9.2.1.1.1 Aggregate
10 Positive and Normative Statements
10.1 Positive Statements
10.1.1 What is
10.2 Normative Statements
10.2.1 What ought to be

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