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Economics (the 6 key concepts (scarcity (Scarcity is when something is…
Economics
the 6 key concepts
scarcity
Scarcity is when something is scarce which means its running out and that it isn't going to be there in a few years. scarcity is separated into factors land, labour, capital and entrepreneurship
making choices
Making choices is when you make a choice if you buy what you want or need. e.g If you have $500 dollars for 2 weeks do you buy enough food to last you a week which you need or do but a play station 4 that is a want not a need
interdependence
Interdependence is when one thing would rely on another thing to work. e.g the flow diagram businesses rely in consumers to buy and the consumers rely on the businesses to pay the to work so they can buy products
specialisation and trade
Specialization and trade is when one country specializes in making a particular thing like in England they specialize in Dues brand of cricket ball so they would trade or sell it to different countries
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Allocation of resources
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how to produce
you will have to keep prices low which means they will have to be careful of what you produce and how
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