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The economic problem - Coggle Diagram

- - - - Definition
      - Type of goods
        
        Free and Economic goods
        
        Non-durable and durable goods
        
        Private and public goods
      - PPC
      - Application
    - - What to produce
        
        Problem of choice
      - How to produce
        
        Capital intensive or labour intensive
        
        Specialisation
        
        exchange
        
        Division of labour
      - For whom to produce
        
        Problem of distribution
    - - Centrally planned
      - Mixed
      - Free market
- - - - Reward: Rent
      - Increase in quality: Leaving land fallow
      - Increase in quantity: Reclamation of land
    - - Reward: Wages
      - Increase in quality: Training and education
      - Increase in quantity: Immigration, Rise in population and Rise in retirement age
    - - Reward: Interest
      - Increase in quality: Advances in technology
      - Increase in quantity: Net investment
    - - Reward: Profit
      - Increase in quality: Training and education
      - Increase in quantity: Privatisation