Please enable JavaScript.
Coggle requires JavaScript to display documents.
Principles of Economics Revision Points - Coggle Diagram
Principles of Economics Revision Points
The concept of terms
Economics
Scarcity
Wants
Needs
Oprtuniity cost
Demand
Supply
Economic Systems
Concept of Economic Systems
Its types Capitalism, Command & Mixed
key characteristics
advantages
disadvantages
the law of Demand & Supply
determinants of demand & Supply
Factors determine the price elasticity of demand
the concept of Positive and Normative economic analysis concepts with examples
"free resource" and a "scarce resource"
father of Economics
substitute good and complementary good & Examples
normal good and inferior good
Macro Economics & Microeconomics
Production possibilty frontrier PPF
Economic resources are usually classified into four categories : Land , Labour, Capital & Entreprenurship
Basic economic questions: What to produce? How to Produce? &For Whom to Produce?
Elasticity of Demand & its types : Price, income & cross