IGCSE Economic Chapter2部分mindmap（非常详细）

这是一篇关于IGCSE Economic Chapter2部分mindmap（非常详细）的思维导图，主要内容有2.1microeconomics and macroeconomics、2.2 the allocation of resources、2.3 demand等。

Chapter2

• 2.1microeconomics and macroeconomics
  • micro
    • the study of smaller scale units, markets and individual decision making within the economy
  • macro
    • the study of large scale units and aggregate decisions that make up the economy
• 2.2 the allocation of resources
  • maket
    • market is where buyers and sellers meet yo exchange goods and services for money.
  • consumers
    • those who are willing and able to buy products
  • suppliers
    • those who are willing and able to supply products
  • three economic systems
    • market economy
      • =freee market economy. refers to an economy in which resources are pricately owned and all decisions are determined by the free market without of intervention by the government
    • planned economy
      • an economy inwwhich resoureces are state-owned and all decisions concerning prouctions, investment, prices and incomes are determined by government.
    • mixed economy
      • an economy which resouces are private individuals, firms and government owned and dicision are made through a conbination of buyers and sellers coupled with government intervention. e.g. modern economy all over the world.
• 2.3 demand
  • definition
    • the quantity of a good and services that consumers are willing and able to buy at given prices in a particular time period.
  • quantity demand
    • the amount of good or services demanded at each price level
  • individual demand
    • the demand for good and services by single buyers or household
  • market demand
    • the demand for goods and services by all buyers or household
  • change in quantity demand
    • when the price of good changes, there will be a change in Qd
    • if price falls, Qd increases(ecxtention)
    • if price rises, Qd decreases(contration)
  • what cause demand curve shift
    • disposable income
    • taste and perference
    • population
    • prics of subsitute goods
    • prices of complementary goods
    • other factors
      • weather/season
      • consumers expectation
      • credit availability
      • special events
• 2.4supply
  • definition
    • the quantity of goods and services that producers are willing and able to supply at given prices in a particular time period.
  • quantity supply
    • the amount of a good or service supplied at a range of prices
  • law of supply
    • if price falls, Qs decreases
    • if price rises, Qs increases
  • market supplt
    • the amount of goods and services supplied bu all firms in an industry
  • indicidual supplt
    • the amount of goods and services supplied bu a single firm
  • what cause supply curve shify
    • change in the cost of factor of production
    • improvement in techonology
    • wather conditions
    • change in price of other product
    • a change in the number of suppliers to the market
    • disasters and wars
    • discovery and depletion of commodifies
• 2.7 price elasticity of demand
  • definition
    • the responsiveness of quantity demanded of a product to the changes in price
  • formula
    • (Q2-Q1/Q1)/(P2-P1/P1)
      • p: 20--30 d:120-100
    • if is a negative valur, is because price and quantity move in opposite directions. But it is the absolute value reveals how responsive of quantity change to the price change.
  • five situation of PED
    • elastic: the change of quantity demanded is small.
    • inealstic:the change of quantity demanded is small.
    • unitary elastic: absolute value=1 ▲Qd=▲p
    • perfectly inelastic PED=0 no response to price: P rise or falls, then Qd2=Qd1
    • perfectly inelastic PED=infinite extreme response to price: P rise or falls, then Qd =0
  • factors determining whether demand is elastic or inelastic
    • the number of subsitutions
    • necessity
    • proportion of income spent on th good and service
    • habit, addictions, fashion and tates
    • advertision and brand loyalty
    • time
    • durability
    • time
    • cost of switching
• 2.8 price elasticity of supply
  • definition
    • the responsiveness of quantity supplied to changes in price
  • fomula
    • (Qs2-Qs2)/(P2-P1/P1)
  • five situation of PES
    • price elastic supply
      • the percentage change in quantity supplied is grater than the percentage change in price greater than1
    • price inelastic supply
      • the percetage change in quantity supplied is lower than the percentage change in price gbetwenn 0 and 1
    • unit elastic supply
      • the percentage change in quantity supplied is eaqual to the perentage change in price exactly1
    • perfectly inelastic supply 0 perfectly elastic supply infinity