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Economics-Unit1 - Coggle Diagram
Economics-Unit1
Prices & Markets
supply and demand curves
market equilibrium
topics revolving inflation
Market Structures
monopoly vs smaller businesses
oversaturated & competitive markets
barrier to enter business (start-up costs)
Methodology
basic economic problems eg: scarcity of recources
Land, labour, capital & enterprise ('big four')
study of methods in relation to economics
Production & Costs
worker morale when performing 'tasks'
maximising efficiency
specialisation of jobs/workforce
Failure & Intervention
public vs. private goods
wealth inequality
market failure = mis allocation of recources