The Economic Problem mindmap PDF

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Summary

Mind Maps have been produced to introduce topics and give students an overview of key topics being studied. The maps can be viewed as a whole page or, for those who prefer a more linear approach, as a text version...

Description

The Economic Problem - Mind Map Mind Maps have been produced to introduce topics and give students an overview of key topics being studied. The maps can be viewed as a whole page or, for those who prefer a more linear approach, as a text version.

View larger version of the mind map.

The Economic Problem 1.

Key Questions

o

What Goods and Service Should be Produced?



Capital Goods



Consumer Goods



Public Goods



Merit Goods

o

How should these Goods and Services be Produced?



Land Intensive



Labour Intensive



Capital Intensive



Efficiency

o

2.

Income Distribution



Wealth Distribution

Statements of opinion - cannot be proved or disproved

Positive Statements

o 4.



Normative Statements

o 3.

Who should get what is produced?

Can be supported or refuted by reference to evidence/facts

Decision Making and Choices

o

Opportunity Cost

5.

Production Possibility Frontiers

6.

The Economy

7.

o

Production

o

Exchange

The Economic Problem

o

Unlimited Wants

o

Scarce Resources



Land



Labour



Capital...