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ECONOMICS - Coggle Diagram
ECONOMICS
6 key concepts of economics
makings choices
choosing hat we need to buy to satisfy our needs wants
allocation and markets
the way we distribute are scarce resources among producer.rice uses a large volume of water compared to weet
economic performance and living standards
how well a economy is doing affects our access to goods and services
specialisation and trade
what a country chooses yo produce and what they choose to buy from else where
scarcity
is a product or substance that doesn't have a lot left so we have to distribute it carefully
interdependence
we rely on each other to satisfy our wants and needs producers and consumers need each other
types of producers
agricultural
industrial
service
needs
needs are things that you cant live without like water
wants
wants are things you can live without like a phone but you want it
monster inc
relates to how our system or a businesses works are how it is run properly so it doesn't crash