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ECONOMICS - HASS [SEM 2 TERM 4] - Coggle Diagram

- - - - Land – Resources found in nature, I.e. rainfall and climatic conditions, mineral deposits and forests.
      - Labour – Include all the people who are employed by businesses and government, I.e. Doctors, builders and business people.
      - Capital – Resources created by combining land and labour, I.e. electricity grid system, commercial buildings, highways, schools, factories and machinery.
      - Enterprise – Individuals who organise and combine the other three resources to create value. Take on the risk by starting businesses in the hope of making a profit.
  - - - Every decision involves an opportunity cost – the cost of the next best option you have given up when you make a choice.
- - - - • Economic (or GPD) growth rates
      - • Unemployment rates
      - • Inflation rates