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Business - Coggle Diagram
Business
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Economic problem
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there exist unlimited wants but limited resources to produce the goos & services to satisfy those wants
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Added value
The difference between the selling price of a product and the cost of bought materials and components
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Why it is important?
Can pay costs such as labour costs, management expenses and costs such as advertising and power
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Specialisation
division of labour
Is when the production process is split up into different tasks and each worker performs one of these tasks
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