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economy - Coggle Diagram
economy
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6 key concepts
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markets and allocations
allocation refers to the way we distribute our scarce resources, the market is where the exchange of goods and services between producers and consumers happens.
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globalisation
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outsourcing
when the production of a good or service is sent to be done in another country because it is cheaper
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the global supply chain
a supply chain refers to the links or activities that are required to move a product or service from a supplier to a consumer
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economics is a branch of social science that studies the production, distribution, and consumption of goods and services
