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Unit 1, scarcity - Coggle Diagram
Unit 1
economics
consumption of
goods
services
households
individuals
firms
government
central banks
choices
costs vs benefits
incentives
specialization
invisible hand
far reaching
factors of production
traditional economies
command economies
market economies
mixed economies
goods and services
inputs and outputs
factors
land
natural resources
perpetual
non renewable
renewable
entrepreneurship
someone whos in charge of combining inputs to produce the outputs
labor
human work and effort
capitol
human capital
physical capital
opportunity cost
tradeoff
opting one course and forgoing another
tradeoffs
scarce
effieciency/innefficiency
scarcity
unlimited wants and needs
limited resources
absolute advantage
specialization/ division of labor
fewer inputs by creating more outputs
comparative advantage
benefit
macroeconomics
studies the behaviour of aggregates
microeconomics
the study of individual units
frontier
efficiency increases/decreases
scarcity