Goods

Services

Wants

Needs

Resources

Scarcity

If a good/service is scarce then...

Economic good

Free Good

Choice

Opportunity Cost

Do Free goods have O.C?

Do Economic goods have O.C

Utility

Total Utility

Marginal Utility

What is the basic economic problem

What are the factors of production

what is Land

What is Labour

Capital

Physical capital

Human Capital

What affects human capital

Entrepreneurship

What do Entrepreneurs do

Positive statements

Normative statements

consumption

Short run

Long run

specialisation

Market

Division of labour

Economic stucture

Economic system

Market economy

Command or planned economy

Mixed economy

Market mechanism

Production possibility curve

Reallocation of resources

Factor mobility

Economic growth

Capital consumption

Investment

Developing economy

Money

Near money

Liquidity

Liabilities

functions of money

Private good

Rivalry

Public good

Quasi-public good

Free rider

Merit good

Demerit good

Information failure

Paternalism

Adverse selection

Moral hazard