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"Economics in Our Daily Lives" - Coggle Diagram
"Economics in Our Daily Lives"
MIKRO EKONOMI
Life example
The government invests in roads and tourism projects in Jeli to promote economic growth and create more job opportunities
Definition
Functioning in individual industries and the behavior of individual decision making units ( business firms and households )
Scarcity
limited transportation services
There are limited job opportunities in Jeli, especially for skilled workers.
Choice
The government has to decide whether to improve
Public transportation or development tourism sector
The government has to decide whether to use its budget to improve Public transportation or develop the tourism sector.
Opportunity Cost
Life Example
If the government chooses to develop the tourism sector. The opportunity cost is giving up the chance to improve Public transportation
if government chooses to improve Public transportation the oppurcunity cost is give up the chance to develop tourism sector
MAKRO EKONOMI
Life Example
A food stall owner in Jeli has to decide whether to increase the price of food when the cost of ingredients rises.
Definition
Economics behaviour of aggregate such as income, outputs , employment and so on a national scale