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business and economics - Coggle Diagram
business and economics
The Australian economy
resources
natural
resources that come from nature, from above below the ground
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economics system
traditional economy
Producers are self-sufficient, producing enough to survive, rather than making a profit. Money is not used.
market capitalist
Producers exchange goods and services with consumers in return for money. This takes place in a market (may or may not be physical). The majority of productive resources (land, labour, capital) are owned by individuals and firms.
planned capitalist
Individuals and firms own the productive resources but the government determines the responses to the economic questions.
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planned socialist
government that determines ‘what to produce’, ‘how to produce’ and ‘for whom to produce’. It is called a planned economy because production takes place in line with the government’s long- and shorttern plans
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global supply chain
the many links or activities that are required to move a product or service from a supplier to a consumer around the world
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saving and investing
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investing
process of putting money in a business or commercial venture with the expectation of making a profit
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