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Economics - Coggle Diagram
Economics
Week 1
6 Key Words
Interdependence - Interdependence refers to the way we rely on others to satisfy our wants and needs.
Markets & Allocation - Allocation refers to the way we distribute our scarce resources among producers. It also refers to the way we then distribute scarce goods or services among consumers.
Scarcity - Scarcity is the economic problem of having unlimited needs and wants, but limited resources available.
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E - Entrepreneurship: the skills or talents required to bring the other resources together successful
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Specialization - Specialization refers to the way an individual, business, or entire country can focus on the production of a particular good or service in order to develop a more efficient and competitive production process.
Choices - As consumers, we make choices about what we want to buy to satisfy our needs and wants. In order to make a good economic decision, we consider our options. We evaluate these alternatives, weighing up the costs and benefits of each, in order to choose the option that is best for us.
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Economic Performance - Economists measure how well an economy is doing, known as its economic performance, using a wide variety of methods. It is important to measure our economy so that we can understand what problems exist, to develop solutions for our problems and plan for our future.
Economic Vocabularies
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Producer - A person, company, or country that makes, grows, or supplies goods or commodities for sale.
Opportunity Cost - When an option is chosen from alternatives, the opportunity cost is the "cost" incurred by not enjoying the benefit associated with the best alternative choice.
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