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Economics by Mind Map: Economics

1. Limited Resources vs. Unlimited Wants: Some economists argue that scarcity will always exist because human wants are unlimited while natural resources are limited. They argue that it is not possible for everyone to get what they want.

2. Distribution: sharing goods & services

3. Human's Interact with our Environment: Different environments provide different resources, challenges and hazards. A group's culture and economy depend on the challenges they face and the resources available to them. (e.g. Traditional Hawaii: use bamboo to crack open a coconut for food, bowl, husk.... Netselik: use snow, ice and seal skin to build shelter).

4. Scarcity The supply of natural resources is limited. When there are not enough resources to meet peoples wants we have scarcity.

4.1. We can Learn to Limit Wants Others say that, because wants are learned, we can learn to limit or change our wants to match available resources. That way we can meet everyone’s needs without using up all of our resources. If our needs are being met, people can be happy with what we have.

5. Industry

5.1. Tertiary Industry

6. Secondary Industry

7. Primary Industry

8. Services: helpful labor. Jobs that involve installing, maintaining, repairing, helping, teachhing.... Also satisfy needs and wants

9. Resources/Factors of Production

9.1. Natural Resources/Raw Materials/Land

9.2. Capital Resources/Capital

9.3. Human Resources/Labor

10. Production: extracting processing & manufacturing goods and services

10.1. Goods & Services

10.1.1. Goods: useful objects produced by people Consumer Goods: made to satisfy needs and wants (e.g. food water shelter) Capital Goods: used as tools to make other goods (e.g. axes, knives, shovels, hammers

11. Consumption: using goods and services