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Consists of - Coggle Diagram
Consists of
Chapter 1 : The Nature of Economic Problem
consists of
Finite resources and unlimited wants
Consists of
Scarcity
is
A situation where there is not enough to satisfy everyone's wants
resources
is
factors used to produce goods and services
the economic problem
is
unlimited wants exceeding finite resources
which results in
Choices
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Economic Goods and Free Goods
consists of
Economic Goods
is
A product which requires resources to produce it
Free Goods
is
A product which does not require any resources to make it
therefore
It does not have Opportunity Cost
Chapter 2 : Factors of Production
consists of
Definition
is
The economic resources consists of land, labour, capital and enterprise
4 Components
consists of
Land
is
Gifts of nature available for production
Labour
is
Human efforts used in producing goods and services
Capital
is
Capital
consists of
Capital Goods
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Consumer Goods
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Enterprise
is
risk bearing and key decision making in business
Mobility of the factors of production
consists of
Occupationally mobile
is
capable of changing use
geographically inmobile
is
incapable of moving from one location into another location
mobility of labour
is
the ability of labour to change where it works or in which occupation
mobility of capital
is
the ability to change where capital is used or on which accupation
mobility of enterprise
is
the ability to change where enterprise is used or in which occupation
Economics - IGSE