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Unit 1 - Coggle Diagram
Unit 1
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Goods 
Merit goods
Positive side effect, good better for a person than the person who may consume.
Public goods
a commodity or service that is provided without profit to all members of a society, either by the government or by a private individual or organization, it is non-excludable and non-rival.
Demerit goods
Worse for individual consumer than the individual realizes, negative side effect, can have a negative impact on the consumer and effects may be ignored.
Quasi Public goods
Semi-non excludable, semi-non rival
Free goods :
Not scarce, available in great quantity and no opportunity cost involved
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Economic system
Planned Economy
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Market economy
No government intervension,
Mixed economy
Part of the economy will be left to private enterprise, but the government will intervene in various areas