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Economics - Coggle Diagram
Economics
Theme 1: The Central Economic Problem
1.1.1 Scarcity, choice and resource allocation
Central Economic Problem
Scarcity
of Resources
Forced to make
choices
Incur
Opportunity Cost
Economic agents
Households
Firms
Governments
Made to answer 3 questions
What to produce
How to produce
For whom to produce
Factors of Production
Entrepreneurship
Capital
Land
Labour
Unlimited wants, Limited Resources
Production Possiblity Curve
Scarcity
Choice
Trade-offs when a choice is made
Actual and potential growth on an economy based on present choices
1.1.2 Decision-Making Process of Economic Agents
Theme 2: Markets
Theme 3: The National and International Economy