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Scarcity and Choice, f - Coggle Diagram
Scarcity and Choice
Factors of Production
Capital
Machinery
Intrest
Enterprise
New products and ideas
Profit
Labour
Builders
Wages
Land
Forests
Rent
Types of Cost
Opportunity
. . , . . . . . . All the other things you could have spent the money on
Financial
The money you spend
Economics
Social science studies people make decsions with there resources
Capital expenditure
Once-off or long-term spending
New car
Needs + Wants
You need food . . . You want a Ferrari
Economic Resources Commonalaties
Pg. 368
Utility
Choosing to use your resources on the option that gives you the most satisfaction
f