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Economics - Coggle Diagram
Economics
Factors of production
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Entrepreneurship: Drive and skill to combine the other 3 factors into a functional business to produce goods and services
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Demand+Supply
Demand
The different quantities of goods and services that consumers are willing and able to buy at different prices
For example, at 0 dollars per ice cream, 100 people wants it, at 100 dollars per ice cream, only 1 person wants it. The quantity of people is demand
Supply
the total amount of a specific good or service that producers are willing and able to sell to the market at various price points
For example the ice cream company only has two tubs ~2L of ice cream available, therefore the supply of ice cream for that company is around 2L