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Economics - Coggle Diagram
Economics
Factors of production
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Capital
capital refers to the produced assets (man-made tools, machinery, and equipment) used to produce other goods or services.
Types of capital
Physical Capital: Tangible assets like buildings, computers, and delivery trucks.
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Human Capital: The knowledge, skills, and health of workers that improve their productive capacity.
Land
includes not just the physical ground, but all natural resources provided by nature (e.g., water, minerals, forests, climate, and soil).
Example: Coffee shop -Agricultural Space & Soil, Water Rights, Physical location for shop etc..
Entrepeneurship
Entrepreneurship is the process of identifying a market need, organizing resources, and assuming the financial risks to develop and deliver an innovative good or service.
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Equilibrium
Equilibrium in economics is a state of balance where opposing forces—such as supply and demand—are equal.
Shortage
Shortage (Excess Demand) occurs when the price is below the equilibrium price. Buyers want to buy more than producers are willing to sell.
Surplus
Surplus (Excess Supply) occurs when the price is above the equilibrium price. Producers supply more goods than consumers are willing to buy.
Equity, Economic Growth, Efficiency
Equity in economics refers to the fair and just distribution of wealth, income, and opportunities among individuals within a society.
Economic growth represents the sustained expansion of a nation's capacity to produce goods and services over time, typically measured by an increase in real GDP.
Efficiency describes a state in which the economy optimally allocates its scarce resources to maximize the production of goods and services without waste.
Macroeconomics
Macroeconomics is the study of whole economies, focusing on large-scale or aggregate economic factors such as Gross Domestic Product (GDP), national income, unemployment rates, inflation, and business cycles.
Microeconomics
Microeconomics is the branch of economics that studies the behavior of individual decision-makers—such as consumers, households, and businesses—and how they allocate scarce resources
Supply
In economics, supply is the total amount of a specific good or service that producers are willing and able to offer to the market at various prices. It acts as a fundamental pillar of market dynamics, determining availability alongside consumer demand
Demand
In economics, demand is a consumer's willingness and ability to purchase a good or service at various prices over a given period. It is not merely a desire or a want, but must be backed by the purchasing power to pay for the item.