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Economics and Business - Coggle Diagram
Economics and Business
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Types of consumers
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Impulsive consumers
Impulsive consumers are known for making less calculated decisions on how to spend their money than most others.
Loyal consumers
Loyal customers are those that will continue to purchase goods and services from the same business over a long period of time.
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Types of producers
Industrial producers
Industrial or secondary producers mainly manufacture goods in factories. Businesses that produce clothing, phones, cars, and other manufactured goods are considered industrial producers.
Service Producers
Service or tertiary producers provide skills, knowledge, effort or the intangible benefits to their customers. Banks, schools, accountants and lawyers are all examples of service producers.
Agricultural producers
Agricultural or primary producers are perhaps the oldest and important type of producer in any economy. They generally produce food: vegetables, fruits, and other products that are grown from land, as well as fish and animal - based products that also rely on nature.
Goods and Services
Goods
People satisfy their need and wants by consuming goods and services.
Goods are physical objects which are useful to people.
Services
Services are what someone does to satisfy their wants, for example a dentist, lawyer, hairdresser, teacher etc.
The services that you purchase may be invisible, but the results of that service can often be seen, as in the case of a new haircut.
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Types of work
Voluntary work
Work allows a person to contribute to society in a positive way, but some people feel the need to help others so much so that they will even work without pay.
Working form home
in some circumstances, people can also work from home. This kind of work is becoming more common in the work force, thanks to improvements in communication technology
Casual
casual employees are not contracted to work set hours and are generally not entitled to many of the leave entitlements that permanent employees are
Internships
Internships are a form of work that involves a person working for a business or organisation to gain experience in a particular field
Part-time
permanent part-time workers are entitled to the same benefits as full-time workers but they work set times that amount less than 35 hours a week
Contract work
Contract work refers to an arrangement in which an employee will work for an employer for a set amount of time on a particular task, which is specified by a contract
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Why we work
Material reasons
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Other financial benefits (such as cash bonuses, car allowances, meal allowances and staff discounts
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Non-material reasons
Purpose, self-esteem, health and hapiness
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