Mind map: ECONOMICS

What is Economics?

Global economy

The Laws of Demand and Supply

Government Microeconomic
Intervention

The Macroeconomy. GDP.
Economic Growth and Sustainability.

Government macroeconomic
intervention

International Economic issues

Demand

Competitive market

Supply

Price

Quantity of products and
services

Time

Factors which influence
Demand and Supply, and other
key elements on the market

Demand is the readiness and willingness of a buyer to buy any
product or service for a specific price in a specific period of time

The quantity demanded of any good, service, or resource is the
amount that people are willing and able to buy during a specified
period at a specified price.

Other things remaining the same, if the price of a good rises, the
quantity demanded of that good decreases; and if the price of a
good falls, the quantity demanded of that good increases.

• Prices of related goods
• Expected future prices
• Income
• Expected future income and credit
• Number of buyers
• Preferences

 The quantity supplied of a good, service, or resource is the amount
that people are willing and able to sell during a specified period at a
specified price.

 Supply is the relationship between the quantity supplied and the
price of a good when all other influences on selling plans remain the
same. 

Other things remaining the same, if the price of a good rises, the
quantity supplied of that good increases; and if the price of a good
falls, the quantity supplied of that good decreases.

• Prices of related goods
• Prices of resources and other inputs
• Expected future prices
• Number of sellers
• Productivity

Market equilibrium

The price at which the quantity demanded equals the quantity supplied.

The quantity bought and sold at the equilibrium price.

When there is a surplus, the price falls; and when there is a shortage, the
price rises