Please enable JavaScript.

Coggle requires JavaScript to display documents.

Micro-ECONOMICS - Coggle Diagram

- - - - Production based on consumers needs
      - Economic freedom
      - Efficient utilization of resources
      - Variety of consumers goods
      - Enhanced trade, business and R&D
      - Automatic incentives
      - Flexibility
    - - Inequality of distribution of wealth & income
      - Inflation & high unemployment rate
      - Lack of social welfare
      - Unnecessary variety & wasteful competition
      - Misallocation of resources
      - Social cost
- - - - Production based on basic need
      - Equal distribution of income & wealth
      - Better allocation of resources
      - No serious unemployment / inflation
      - Rapid economic development
      - Social welfare
    - - Lack of incentives & initiative by individuals
      - Loss of economic freedom & consumer sovereignty
      - Absence of completion
      - Waste of economic resources