Economics 0228

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Economics 0228 by Mind Map: Economics 0228

1. Resources/Factors of Production

1.1. Capital Resources/Capital

1.2. Goods: useful objects produced by people

1.2.1. Capital Goods: used as tools to make other goods (e.g. axes, knives, shovels, hammers

1.3. Human Resources/Labor

2. Consumer Goods: made to satisfy needs and wants (e.g. food water shelter)

3. Production: extracting processing & manufacturing goods and services

3.1. Industry

3.1.1. Primary Industry

3.1.2. Secondary Industry

3.1.3. Tertiary Industry

3.2. Natural Resources/Raw Materials/Land

3.3. Goods & Services

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

4. Distribution: sharing goods & services

5. Consumption: using goods and services

6. 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).

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

7.1. 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.

7.2. 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.