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Section 3 - Coggle Diagram
Section 3
Chap 22
Costs of production: refer to a firm's expenditure in the a firm's expenditure in the process of producing goods and providing services
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Variable costs are those that change as the level of output changes. The higher the level of production, the greater the total variable costs will be
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Chapter 18
Demand for labour is the number of workers that firms are willing and able to hire at a given wage rate.
Derived demand means that labour is not demanded for itself but for the goods and services it is used to produce.
The supply of labour refers to everyone in an economy who is working age and is both willing and able to work at a different wage rates.
A national minimum wage is the lowest legal amount any firm can pay its workers and is set by the government
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Chap 23
Market structure refers to the key characteristics of a particular market, such as the number and size of firms in the market, the degree and intensity of price and non-price competition, and the nature of barriers to entry.
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Price takers are firms that set their place according to the market price, rather than determining their own price
Monopoly is a market structure where there is only one supplier of a good or service, with the power to affect market supply and prices
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Chapter 16
Money is any commodity that can be used as a medium of exchange for the purchase of goods and services
Bartering is the act of swapping items in exchange for other items through a process of bargaining and negotiation, due to the absence of money in the economy
Central bank of a country is the monetary authority that oversees and manages the economy's money supply and banking system.
Commercial bank is a retail bank that provides financial services to its customers, e.g. saving
Chapter 19
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Collective bargaining is a process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights for workers.
Industrial action an occasion when workers do something that is intended to force an employer to agree to something, especially by stopping work
Corporate Social Responsibility is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders.
Chapter 21
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Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output).
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Chapter 17
Disposable income is the amount of income a person has available to spend on goods and services after compulsory deductions such as income tax
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Borrowing occurs when an individual, firm or the government takes out a loan, paying it back to the financial lender over a period of time, with interest payments.
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