economics

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economics by Mind Map: economics

1. Scarcity:things that are not sustainable

1.1. Limited resources vs. unlimited wants: Some economics argue that scarcity will always exist because human wants are unlimited while natural resources are limited. They argue that it is not possible for every one to get what they want.

1.2. 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

2. production:extracting processing and manufacturing goods

2.1. Recources/Factors of production

2.1.1. Natural Resources/Raw Materials/Land

2.1.2. Human Resources/Labor

2.1.3. Capital resources/Capital

2.1.4. Goods and Services

2.1.4.1. Industry

2.1.4.1.1. Primary Industry: primary jobs done such as: farming, cropping.

2.1.4.1.2. Secondary Industries: They create modern things, they also work in factories

2.1.4.1.3. Tertiary Industry:People who work for higher things (E.g.shipping, building,mining)

3. distribution: sharing goods and services

4. consumption: using goods and services