Please enable JavaScript.
Coggle requires JavaScript to display documents.
Unit 1 Economic Concepts - Coggle Diagram
Unit 1 Economic Concepts
Resources
-
Needs and wants
Needs: required for human survival, such as food, water, and shelter.
-
-
Anything with value, can fulfill needs, or can be used in the production of goods and services.
Quantity, quality, productivity, and distribution of resources greatly influence the standard of living.
-
Factors of Production
-
-
-
Entrepreneurship
Creation of the business idea through risk taking, decision making, and coordinating resources together.
-
Economic Systems
-
Planned Economy
-
Distribution without involvement of price but based on needs or follow a first come first served criterion.
-
-