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Economics by Mind Map: Economics

1. Distribution: Sharing goods and services.

2. Production: Extracting, processing and manufacturing goods.

2.1. Resources/ Factors of production

2.1.1. Natural Resources/ Land

2.1.2. Human Resources/ Labour

2.1.3. Capital Resources/ Capital

2.2. Goods and services

2.2.1. Goods: Useful objects produced by people Consumer Goods: Made to satisfy needs and wants (e.g. Food, clothing, shelter Capital Goods: Used as tools to produce other goods. (e.g. knives, axes, shovels, hammers

2.2.2. Services: Helpful labor. Jobs that involve installing, maintaining, repairing, helping, teaching.

3. Consumption: Using goods and services.

4. Industry

4.1. Primary

4.2. Secondary

4.3. Tertiary

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

5.1. 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.

5.2. 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.

6. Human's Interact with our Environment: Different environment provide different resources, challenges, and hazards. A groups 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... Netsilik: Use snow, ice, seal skin to build shelter).

7. New Idea