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Economics Concept Map - Coggle Diagram

- - - - Form of human capital, it means the ability to make decisions, and bear risks. It also controls the other factors of production
        
        Mobility
        
        The mobility of enterprise only moves when the person in charge moves, so it completely depends on the entrepreneur and his/hers decisions
    - - Human resources available in any economy, in short it means human effort
        
        Mobility
        
        The mobility of labour is very dependent on the worker themselves, some may find it hard to move occupations or work outside while others may find it easy, some factors are: Family, income, lack of info and etc
    - - Means physical resources or tools used to produce goods. Capital is a combination of land and labour, it uses human effort with the help of resources from land
        
        Mobility
        
        Varies according to the type of capital good, some capital goods may be easy to reallocate while some may be hard and they are also not occupationally mobile, their use stays the same no matter who uses it
      - 2 Types
        
        Physical Capital
        
        Resources being made by businesses and governments (Ex: Machines, factories, etc)
        
        Human Capital
        
        Value of labour contributing in the production of goods (Ex: Miners mining, architects making new ideas, entrepreneurs making decisions
    - - Land is a natural resource but it can also literally mean land (Ex: Offices, Restaurants, etc), in general it means the earth
        
        Mobility
        
        Most land is occupationally mobile, so it can be used for multiple purposes, but it is geographically immobile
  - - - 2 Types
        
        Geographical Mobility
        
        Capability of moving from one location to another
        
        Occupational Mobility
        
        Capability of changing/adapting for a new use
- - - - Includes: Wants and Needs
        
        Wants are people desires, these desires are infinite
        
        Needs are what people need in life (Water, food, etc)
      - Results in
        
        Opportunity Costs
        
        Second best choice forgone
        
        Choices
      - Types of Goods
        
        Economic Goods
        
        Goods that requires resources to produce
        
        Free Goods
        
        Goods that require no resources, mostly natural