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EconomyMindMap - Coggle Diagram
EconomyMindMap
Supply vs Demand
Supply
The amount of a good or service available at different prices
Demand
The amount of a good or service that people are willing and able to buy at different prices
Surplus
When there is more of a good or service than people want to buy
Shortage
When there aren't enough of a good or service for people that want it
Scarcity
The wants and needs of people are greater than the resources we have
Price
The amount of money exchanged for a good or service
Economic Sectors
Secondary Sector
Manufacturing
The process of making a raw material into a finished product
The sector of economy that processes natural resources
Tertiary Sector
Tourism
The business of organizing travel for pleasure.
The sector of economy that provides services to people
Primary Sector
Mining
Extracting ores or coal from the earth
Forestry
The planting, growing, and harvesting of timber
The sector of economy that gets things from nature
Farming
Agriculture
Large scale farming to produce food for a country
Subsistence Farming
Farming to produce food for the family or group
Quaternary Sector
The sector of economy is based on knowledge
Economy Types
Control Economy
The type of economy where the government controls all economy
Market Economy
The type of economy where people exchange things for money
Traditional Economy
The type of economy where everyone sustains themselves and makes their own food
Mixed Economy
The type of economy where people are allowed to make their own business and the government controls some parts of economy
People In Economy
Consumer
Consume
Wants
Things that we want but is not necessary
Needs
Things that are required for you to live
Goods
Physical objects that you can produce
Services
Actions or activities that are sold
Spend
To trade money for goods or services
A person that consumes goods and services
Producer
:
A person that produces goods and services
Income
Money received for work, or through investments
Capital
Anything a company owns and uses for its business
Economic Activity
Using resources to improve our lives. Making, buying, and selling of goods and services
Imports vs Exports
Imports
Bring a good or service from another country
Exports
A good or service produced in the home country and sold in another country
Natural Resources
Resources from nature
Opportunity Cost
The cost that you could choose
to do something else instead.
