Mind Maps have been produced to introduce topics and give students an overview of key topics being studied. This mind map introduces the Market System.

The Market System - 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.

• Demand
  
  • Price (Pn)
  • Prices of Other Goods (Pn..Pn-1)
    
    • Substitutes
    • Complements
  • Income (Y)
  • Tastes and Fashions (T)
  • Level and Structure of Population (P)
  • Advertising (A)
  • Expectations of Consumers (E)
• Supply
  
  • Price (Pn)
  • Prices of other goods in production(Pn..Pn-1)
    
    • Joint Supply
    • Alternative Supply
  • Technology (H)
  • Natural shocks (N)
  • Costs in Production (F1..Fm)
  • Expectations of Producers
  • Social Pressures
• Equilibrium
  
  • The price at which D = S
• Surpluses and Shortages
  
  • S > D
  • D < S
• Price as a Signal
  
  • Profitability for producers
  • Value for consumers