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Economics - Coggle Diagram
Economics
SOI: Scarcity gives rise to difficult choices for governments whose decisions about whether and how to intervene in the economy have implications for equity and economic growth.
Economics: A social science concerned with the efficient use of scarce resources to achieve maximum satisfaction of economic wants.
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Consumer Goods: made for direct human consumption (e.g. Ipads, Pizza)
Capital Goods – goods used to produce consumer goods (e.g. car, machinery)
Services: actions one person performs for another (teaching, cleaning, tax preparation)
Economic systems
An economic system is a system of production and exchange of goods and services as well as allocation of resources in a society.
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