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Economics by Mind Map: Economics

1. Goods: Useful objects consumed by people

1.1. Consumer goods: Made to satisfy needs and wants (e.g. food, water,shelter)

1.1.1. Capital goods: Used as tools to make other goods (e.g. axes, knives, shovels, hammers)

2. Human Resources/Labor

3. Services: Helpful labor, jobs, that involve installing , maintaining, repairing, helping, teaching... Also satisfy needs and wants

4. 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.

5. 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. Then we can meet everyone's needs without using up all our resources. If our needs are being met, people can be happy with what we have.

6. Natural Resources/Raw Material/Land

7. Tertiary (Service) Industries

8. Primary industries:

9. Industries:

10. Goods and Services

11. Resources/Factors of productions

11.1. Capital Resources/Capital

12. Production: Extracting, processing, and manufacturing goods and services

13. Distribution: Sharing goods and services

14. Consumption: Using goods and services

15. Secondary Industries

16. Scarcity: The supply of natural resources is limited. When there are not enough resources to meet people's wants, we have Scarcity.

17. Human's interaction 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.)