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ECONOMICS - Coggle Diagram

- - - - price of goods increase, purchase power decrease, demand of good decrease
    - - price of goods increase, consumer seek alternative
  - - - Taste/preference
      - no. and price of subs
      - if more subs, demand of goods decrease, change in demand
      - complementary goods
      - income
      - economy
      - expectation of future price change
  - - - Price of elasticity of demand
        
        FORMULA : % Change in quantity demanded / % Change in price
  - - - means. if high demand for cargo, means high demand of ships, else otherwise
- - - - ship calls at regular port
      - fixed route and schedule
      - ship follow fixed frequency
  - - - ship do not call at regular ports
      - do not follow fix route and schedule
      - do not follow fixed frequency
  - - - cost acquiring the ships
    - - operating cost of ships
        
        include 6 category
        
        crew cost
        
        insurance
        
        maintenance
        
        drydock
        
        storing
        
        admin cost
- - - - Lower opportunity cost
    - - More output
    - - Expansion
      - Peaking-out
      - Upturn
      - Recession
    - - govt controlled expenditure and tax
    - - country output decreases few months
  - - - more jobs
      - increase in GDP
      - transfer of knowledge and skills
      - increase export
- - - - govt then impose protective measures like import tax
  - - - bad for country, currency will depreciate
        
        govt impose import tax on foreign product
  - - - import tax
    - - limit goods