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Economics and Business - Coggle Diagram
Economics and Business
Factors of Production
Entrepreneur: Bring together land, labour and capital.
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Type of Economic Systems
3:Planned capitalist Economy (communism) - Individuals and firms own the productive resources, but the government determines ‘what to produce’, ‘how to produce’ and ‘for who to produce for’.
4: Market socialist economy – Three questions are answered in the same way as the market capitalist system, but resources are mostly owned by the government.
2: Market capitalist economy – Australia, United States and Germany. producers exchange goods and services with consumers in return for money. This exchange takes place in a market. Producers decide ‘what to produce’.
5: Planned Socialist economy – government determines ‘what to produce’, ‘how to produce’ and ‘who to produce for’. The majority of productive resources are owned by ‘the state’.
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Traditional or subsistence economy – These people are Self-sufficient and produce enough to survive and not to make a profit, money is not used. They hunt, gather and grow food.
6 Key Concepts
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Allocations and Markets
The way we distribute our scarce resources among producers. The exchange of goods and services among buyers and sellers is refereed to as a mallet.
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Scarcity
Limited resources
Overcoming survival mode, building a starter house and crafting
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Living Standards
Material
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access to food, health care, etc.
Non-Material
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clean air, safety, freedom of speech, time off work, etc.
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