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Economic Resources - Coggle Diagram
Economic Resources
Distribution of Economic Reosurces
Land
Labour
Capital
Enterprise
Distribution by: individuals, businesses, governments
Key Terms
Scarcity
Opportunity Cost
Economic Resources
Distribution
Budgeting
Scarcity and Choice
Limited vs. Unlimited resources
Why it exists: resource limitations
Consequences
Opportunity Cost
Definition
Examples
Economic Decisions and Consequences
Impact of Choices
Decision factors: Needs vs. Wants
Government Role in Resource Distribution
Budgeting: Taxes, spending on sectors (health, education, etc.
Impact of Policies on Public Services and Trade Policies
Real World Examples
Scarcity in Action
Global Issues e.g supply chain disruption
Decision Making - Business Investments, government policies