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1.1 Nature of Economics , : - Coggle Diagram

- - - - a country would require an increase in factor resources, an increase in productivity or a improvement in technology to achieve an outward shift
      - trade between countries also allows nations to consume beyond their own PPF potenitally leading to an increase in economic welfare
- - - - become more skilled
      - time saved
      - improves productivity
    - - unrewarding
      - high worker turnover
      - take less pride in their work
  - - - trade increase
      - productivity increases
      - become more skillled
    - - changes in tastes and fashions
      - relies on weather and climates
      - national dependance
- - - - freedom exits
      - small degree of government influence
      - variety produced
      - high degree of consumer satisfaction
    - - deciding for whom to produce
      - young, sick and old would struggle
      - markets sometimes fail
    - - freedom to buy what they like and sell what they like
      - changes in supply and demand control prices
      - individuals act in their own intreast
      - little government interference
  - - - government makes general policy decisions
      - mostly private but some public ownership of property
      - government intervention to solve the problem caused by market failure
      - in private industry is the driver
  - - - government makes all key decisions
      - public ownership of all property
      - centrally planned production
      - government depicts prices
      - profit is not a factor