Mind map
The allocation of resources
Map content
The allocation of resources
Economic systems
- What is an economy?
- People and firms produce, exchange and consume goods and services in an economy.
- Any size, with any number of people and firms involved.
- How economics determine what , how and for whom to produce
- Different economic systems
- The market economic system
- The mixed economic system
- What is an economy?
How markets work
- What is demand?
- What is supply?
- Market price
- Price elasticity of demand
- Price elasticity of supply
- Impact of taxes and subsidies on market outcomes
Social costs and benefits
- How the decisions of firms can affect others
- Market failure and government intervention
- Opportunity cost revisited
- How consumer's decisions can affect others
- Conservation or commercialisation
Information
- Description
- Mind Map on The allocation of resources, created by liuweifeng1996 on 22/04/2014.
- Created by
- liuweifeng1996
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