Economics · Keyword Mind Map
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Economics Mind Map
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ECONOMICS
SCOPE OF
ECONOMICS & PED
Micro · Macro · Positive · Normative
Elasticity · Nine factors · Examples
SCARCITY & CHOICE
Limited Resources
Human Wants
Choice
Trade-offs
Opportunity Cost
Time
Money
Labour
Land
Machinery
Production
Consumption
Exchange
Distribution
What?
How?
For Whom?
MICRO & MACRO
Microeconomics
Individuals
Households
Firms
Specific Markets
Demand
Supply
Costs
Price
Profit
Macroeconomics
GDP
Inflation
Unemployment
Fiscal Policy
Monetary Policy
Trade
Exchange Rates
POSITIVE & NORMATIVE
Positive: What Is
Testable Claim
Evidence
Descriptive
Economic Facts
Normative: Ought To
Value Judgement
Recommendations
Should
Fairness
Policy Choices
PRICE ELASTICITY
Price Changes
Quantity Demanded
Responsiveness
Other Factors Constant
PED Formula
Percentage Change
Absolute Value
Elastic >1
Unitary =1
Inelastic <1
10% Price Rise
20% vs 2% Demand
FACTORS 1–3
Close Substitutes
More Alternatives
Necessities
Luxuries
Rice
Luxury Watch
Share of Income
Household Budget
Salt
Refrigerator
Pepsi / Cola
FACTORS 4–6
Time Period
Short Run
Long Run
Petrol
Postponement
Delay Purchase
Television
Medical Treatment
Number of Uses
Electricity
FACTORS 7–9
Habits
Addictive Consumption
Market Definition
Narrow Market
Broad Category
Price Level
Pencil
Laptop
Absolute Purchase Cost
EXAM QUICK RECALL
Micro = Individual
Macro = Whole Economy
Positive = Testable
Normative = Judgement
Elastic = Greater %
Unitary = Equal %
Inelastic = Smaller %
More Substitutes
More Time
Can Postpone
9 Factors
Economics · Keyword mind map · Scope of Economics & Price Elasticity of Demand