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Economics - Coggle Diagram
Economics
Production
Its the conversion of factor inputs i.e Land,Labour,Capital and enterprise into final output.
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You will find; Total costs, Revenue,Sales revenue, Average revenue and Average costs.
Demand
The amount of a product that consumers are willing and able to buy at a specific price,at a specific point in time.
Movements are caused by a change in price.Increase price the demand is lower.Decrease price demand increases.
A market demand curve is a simply combination of all individuals demand curve in a market.This means that we add up all quantity demand at different prices.
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Price
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Price reflects the value or worth that are willing to put on a good or service.If there is an increase in demand the price will increase.
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Role of markets
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Product market its when all the goods and services that are produced by firms are sold to households and other firms.
Specialisation occurs when workers focus on a particular tasks.It also coccurs when producers focus on the production and the same in regions and countries.
Supply
Supply is the amount of a product that producers are willing and able to sell at a specific price,at a specific point in time.
A market supply curve is simply the total of all individual supply curves in a market.This means that we add up all quantity supplied at different prices.
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Competition
Market is where buyers and sellers come to meet.Lots of firms selling similar goods and services whilst in competitive markets few sell similar.
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Also can have Sunk costs,Barriers to entry, Pure economy, Oligopoly, Collusion and Sources of Monopoly powers.
Main economic problems
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This means that oil is un renewable and we want unlimited money but we cant that is the main economic problem.
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