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IGCSE Economics - Coggle Diagram

- - - - Leads to Scarcity
        
        Producers have to decide what they have to make
        
        Consumers have to decide want to buy
        
        Workers have to decide how to spend their time
        
        Government needs to decide how to spend tax funds
  - - - Free/Economical
        
        Free Goods: Goods/Services that aren't scarce and do not come at a cost
        
        Economic Goods: Goods/Services that come at a cost and are scarce
      - Limited/Renewable
        
        Limited Resources: Resources that have a limited amount that will run out
        
        Renewable Resources: Resources that are replenish-able, and are therefore technically unlimited, as long as the rate of consumption is lower than the rate of replenishment
      - Consumer/Capital
        
        Consumer Goods: Goods/Services made to be sold to consumers
        
        Capital Goods: Goods/Services created to be sold to producers
- - - - Economic Growth: Increase in the production of goods/services in terms of quality/quantity
      - Economic growth can be achieved by increasing the quality and/or the quantity of the factors of production, resulting in more and/or better quality goods.