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How the world came to look as it does today? - Coggle Diagram
How
the world came to look as it does today?
measuring and representing our society
Variables
GDP
sum of all products and services within a time period
Nominal GDP
Real GDP
Value adjusted for inflation
GDP Per capita
Value divided population
helps understnd
Standards of living
Measure
wellbeing
of population
Disposable income
total amount a household or person has available to spend
Purchasing Power
helps compare economies
models
Graphs
Hockey stick
shows dramatic increase
The way we organized our institution in our society now a days depends on our
Economic system
we now use a economic system that centralized on Capital to organize our institutions
Capitalism
Surge in
Capitalist revolution
in the
Industrial revolution
Change the economy from labour intesive to capital intensive
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is based on
The invisible hand
Adam Smith
lived in the
which said that
Guided by personal interest and without major rintervations markets would flow best
Caracteristics
Free markets
economic system with little or no goverment interventions
based on
Supply and demand chains
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Private ownership
people owning things, exclude other and sell them
Also called
Capital goods
own by
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Specialization and trade
made countries specialize in products they can made and trade for products they can't made
Globalization
Surge do to influence by
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effects
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this caused a dramatic increase in many of the variables and aspects measured in a society because of the big changes it meant
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Separation of labor and capital
changed the past system in which labor and land directly meant capital
happen in the
meant that.
Effort ≠ reward
this cuased
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institutions
"The laws and informal rules that regulate social interactions among people and between people and the biosphere, sometimes also termed the rules of the game."
in recent years the word has been more connected with resources and information flowing more easily, this is due to