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Economics Revision - Coggle Diagram
Economics Revision
Factors of Production
Enterprize
Organise F.P
Land
Natural Resource
Capital
Equipment to make other goods
Labour
Workers & Employees
Goods = Tangible
Services = Intangible
Markets
Secondary Sector
Tertiary Sector
Primary Sector
Product Market = Final g/s
Factor Market = Services of f.p sold
Economic Groups (Interdependent)
Producers
Maximise Profit
Consumers
Maximise Happiness
Government
Maximise Welfare
Economic Problem
Unlimited Wants, Limited Resources
Sustainability
Environmental
Effect on Environment is as little as possible.
Social
Promote Improvement in Quality of Life
Economic
Best use to encourage economic growth
Opportunity Cost = Value given up for the next best alternative
Specialisation
Workers
TABLE