33 0218
Get Started. It's Free
or sign up with your email address
Rocket clouds
Economics by Mind Map: Economics

1. Production: Extracting, processing and manufacturing goods.

1.1. Resources/Factors of Production

1.1.1. Natural Resources/Raw Materials

1.1.2. Human Resources/Labor

1.1.3. Capital Resources/Capital

1.1.4. Goods and Services Goods: Useful objects produced by people Consumer Goods: Made to satisfy the needs and wants (eg. food, water, shelter) Capital Goods: Used as tools to make other goods (eg. axes, knives, shovels, hammers) Services: Helpful labor; jobs that involve installing, maintaining, repairing, helping, teaching...

2. Distribution: Sharing

3. Consumption: Using

4. Industry

4.1. Primary Industry

4.2. Secondary Industry

4.3. Tertiary Industry

5. 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. (eg. Traditional Hawaii: Use bamboo to crack open coconut for food, bowl, husk... Netselik: Use snow/ice and seal skin to build shelter.)

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

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

6.2. 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.