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Mind Map - Main Economic Concepts
Transcript of Mind Map - Main Economic Concepts
Symbolizes how the wants and needs of consumers will always outweigh the availability of resources. Wants and Needs of consumers Availability of Resources Symbolizes decision making and the fact that when you choose something, you usually give something up in order to make that decision and the decision you didn't make is the opportunity cost. In this picture the opportunity cost would be the 3 roads. Opportunity Cost Symbol: A forked road Market Command Traditional Types of Economies Symbol: An Aboriginal Person Symbolizes how everything
done then is still done now. Symbol: Traffic Light Symbolizes dictatorship where there is a central power that all citizens need to obey. Symbol: Coin Symbolizes a two sided source of power. One side that represents the government and the other side that represents the citizens. Together they work to create a better economy. What is Economics? Symbol: A person eating the world Economics is the study of the way we make decisions about the use of scarce resources. Psychological Wants Physical Wants Television set symbolizes the need to satisfy our wants that are not necessary to sustain life. Psychological Wants: needs that are not necessary to sustain life. Physical Wants: Needs that are necessary to sustain life. (cc) photo by theaucitron on Flickr Types of Wants A tent symbolizes the basic necessities that have to be sustained (i.e shelter). Symbol: Tent Symbol: Television Canada is a mixed market economy. Types of Resources Natural Resources Capital Resources Symbol: Tree Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for production of goods and services. Tree symbolizes a resource that is natural. Symbols: A Machine Human-made goods, tools, machines and buildings used to produce other goods and services The machine symbolizes the man-made resource that helps make goods and services. Labour Symbol: Workers Mental and physical work involved in the production process Main Economic Questions Symbol: Question Mark Symbolizes the questions producers have to consider when producing goods and services. What to produce?
How to produce?
Who receives what? Production Possibilities Curve Symbol: A P.P.C Illustrates the fundamental economic problems of scarcity as well as opportunity cost, trade offs, and full employment. Main Economic Objectives Full Employment
Balance of Trade
Economic Growth Economic Justice
Reasonable Debt Symbol: Man working to achieve goal Scarcity Symbol: A Scale White Nerds Attempting to Rap (Mixed Economy) Based on 3 assumptions:
Only two products are produced (trade offs).
Productive resources and technology is fixed.
Economy is at full employment. Also demonstrates The Law of Increasing Opportunity Cost. Three ways this frontier can change:
Change in quantity of resources
Change in productivity level of maximum potential output unattainable because of fixed resources & technology. existence of most countries because of unemployment.