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chapter 33 and 34 - Coggle Diagram
chapter 33 and 34
sectors of the economy
public sector
the public sector is a sector of our economy run entirely by the government. an example of a business in the public sector is a public hospital
privet sector
the privet sector is the sector of the economy that is completely owned by business an example o fa business from the privet sector is a supermarket
third sector
the third sector is the sector that is comprised of NGOs like charity's they are imperially volunteer based and all are run independently an example is the Irish cancer society
local governments
local government look after the needs of local people and provide housing roads and fire services. an example is a county council
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social enterprise
a social enterprise is a business like group but their aim is to make a prophet not for the owners but for a certain cause like climate change
circular flow of economy
the circular flow of economy illustrates how an economic resources and wealth move through out the economy
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infections
in business studies is when economic resources are put back into the circular flow of economy for e.g investments
economics
economic is the study of how people businesses and governments allocate their economic resources to meat their needs and wants
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opportunity cost
this is the item that you missed out on by purchasing another item for e.g if you bought a chocolate bar over some sweets the sweets would be the opportunity cost
factors of productions
land
land is anything that comes from nature used in the production of goods and services its reward is rent
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capital
capital refers to any physical items used in the production of goods and services its reward is interest
enterprise
enterprise reefers to the factor of production that ties in all three of the other factors of production. this is the setting up of a business by an entrepreneur by taking a personal and financial risk of setting up a business. it s reward is prophet.
scarcity
scarcity is the term used when a good or service is in short supply. all the economic resources have an endless supply so they are scarce
types of economies
centrally planed economy
a centrally planned economy is an economy where everything is controlled by the government and they control what is soled. an example of a centrally planed economy is North Korea
free market economy
a free market economy is an economy in which there is no government involvement at all everything is run by business. the only thing that the government are involved in is the law. an example of this is the USA
a mixed economy is an economy where it is part run by the state an part by business. certain companies are run by the government like the business while others are run by business like supermarkets. an example of a free market economy is Ireland