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.

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The Economic Problem

1. Key Questions
   • What Goods and Service Should be Produced?
     • Capital Goods
     • Consumer Goods
     • Public Goods
     • Merit Goods
   • How should these Goods and Services be Produced?
     • Land Intensive
     • Labour Intensive
     • Capital Intensive
     • Efficiency
   • Who should get what is produced?
     • Income Distribution
     • Wealth Distribution
2. Normative Statements
   • Statements of opinion - cannot be proved or disproved
3. Positive Statements
   • Can be supported or refuted by reference to evidence/facts
4. Decision Making and Choices
   • Opportunity Cost
5. Production Possibility Frontiers
6. The Economy
   • Production
   • Exchange
7. The Economic Problem
   • Unlimited Wants
   • Scarce Resources
     • Land
     • Labour
     • Capital