6 Basic Economic Principles
Cost
Incentives
Scaricty
When giving incentives, people can react to the incentives with many predictable ways.
Human beings have an infinite number of wants but only limitied resources. Scarce resources forces us to make irrelevant decisions and choices.
Every decision a person makes has a equivalent opportunity cost. A persons thinking influences the decision to make and they judge their decision based on the resources such as time, and money.
Analysis
Specialization
Economic System
There are people with a lot of specialization of certain product/service because they are expecting to gain something from it. They trade their product/service to other people who they think can gain something from them.
The choices that a person makes can be predicted the future outcome of the choice through studying and anaysing the surroundings.
The economic system influences incentives in order to provide the motivation to word/do the necessary task so that the economy can benefit as well as the the people.
Concept Map
ken adams
Created on November 16, 2021
Start designing with a free template
Discover more than 1500 professional designs like these:
View
Museum Flipcards
View
Image Comparison Slider
View
Microcourse: Key Skills for the Professional Environment
View
The Meeting Microlearning
View
The Meeting Microlearning Mobile
View
Corporate Who's Who
View
Concepts Comparison Flipcards
Explore all templates
Transcript
6 Basic Economic Principles
Cost
Incentives
Scaricty
When giving incentives, people can react to the incentives with many predictable ways.
Human beings have an infinite number of wants but only limitied resources. Scarce resources forces us to make irrelevant decisions and choices.
Every decision a person makes has a equivalent opportunity cost. A persons thinking influences the decision to make and they judge their decision based on the resources such as time, and money.
Analysis
Specialization
Economic System
There are people with a lot of specialization of certain product/service because they are expecting to gain something from it. They trade their product/service to other people who they think can gain something from them.
The choices that a person makes can be predicted the future outcome of the choice through studying and anaysing the surroundings.
The economic system influences incentives in order to provide the motivation to word/do the necessary task so that the economy can benefit as well as the the people.