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Economics G9 - Coggle Diagram
Economics G9
Factors of Production
Land: all natural resources used to produce goods and services. ex: water, land etc.
Entrepreneurship: organises and combines the other factors of production to create goods and services. ex: Jack Ma
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Capital
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Human: any skills/ knowledge gained by a worker through education/ training/ experience. ex: school and university
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Micro + Macro economics
Microeconomics: Deals with decisions of smaller units. ex: individualds, businesses, families, communities.
Macroeconomics: economic decisions of large bodies. ex: government, countries, between countries
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Efficiency: optimal allocation of resources which has the greatest benefits to producers and consumers