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Economics and Business - Coggle Diagram
Economics and Business
Key Concepts
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Specialisation and Trade
The way businesses, individuals or a country focus on production of goods/services
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GDP
The measure of the total value of goods and services produced in Australia over a specific period of time
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Inflation
Occurs when there is an increase in the general level of prices paid for goods and services over a certain period of time.
Rising prices means consumers must pay more for goods and services if they want to maintain their living standards.
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