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ECONOMICS - Coggle Diagram
ECONOMICS
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the branch of knowledge concerned with the production, consumption, and transfer of wealth
The study of how individuals, governments, businesses, and other organizations make choices that effect the allocation and distribution of scarce resources
Supply and Demand
SUPPLY is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers.
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DEMAND is the quantity of consumers that are willing and able to purchase at various prices during a given period of time.
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is the social science that studies how people interact with scarce resources, in particular the production, distribution, and consumption of goods and services.
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