Please enable JavaScript.
Coggle requires JavaScript to display documents.
Economics - Coggle Diagram
Economics
Factors of production
Labor
Represents the physical and mental effort used to produce goods or services. Eg. A chef cooking in a restaurant.
Land
Represents all natural resources, both renewable and non-renewable used in production. Eg. A plot of soil used to grow corn.
Entrepreneurs
It s a initiative of individuals who combine land, labor and capital to create products and generate profit. It involves risk taking, innovation, and business management. Eg. Innovator developing a new technology.
Capital
Refers to man made, durable resources used to produce other goods or services, it excludes money and refers to physical items like machinery or buildings. Eg. Computer, and factory machine.
Equilibrium
Equilibrium price
The price that balances supply and demand. On a graph, it is the price at which the supply and demand curves intercept.
Equilibrium quantity
The quantity that balances supply and demand. On a graph it is the quantity at which the supply and demand curves intersect.
Market equilibrium
It is the sweet spot where the desires of buyers and the desires of sellers perfectly align, It's the point where buyers and sellers are willing to meet at that same price.
-
Equity
-
To achieve equity, the likes of minimum wage, investment with tax money, progressive tax, welfare, healthcare, and education could be done.
-
Demand+Supply
Demand
Demand in the different quantities of goods and services that consumers are willing and able to buy at different prices.
Change in demand
A shift in the demand curve, either to the left or the right. Caused by a change in a determinant other than the price.
-
Supply
Supply is the different quantities of a good that sellers are willing and able to sell(prouce) at different prices.
Change in supply
A shift in the supply curve. Caused by a change in the price of the product incentivising supply to increase or decrease.
-
Types of economies
Macro economics
The sub-branch which explains the economic theory and the economic decisions of large bodies such as the government.
-
-
-
-