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economics - Coggle Diagram
economics
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innovation in business
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marketing conveying the value of goods or services to a customer in order to sell that product to them
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segmentation is used so that consumers with common characteristics can be pursued or targeted to purchase the product
positioning is a technique that is used by marketers and aims to create a distinct image for the product that makes it unique from other competitors
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concepts
scarcity
The economic problem of having limited resources, but limited resources available
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People are also resources like skilled workers which develop products that will meet our wants and needs
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The scarcity impacts many businesses like western Australia farmer who must manage water so they can sustain it for the future
We cannot produce an endless supply of goods such as wheat, because the resources we need to produce them are not endless
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In Australia water is a natural resource, that can be scares and is managed carefully.
making choices
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Evaluate these alternatives, weighing up the costs and benefits of each, in order to choose the option that is best for us
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We are not able to produce, buy or own everything we want or need which is why we have to make choices.
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specialisation and trade
If a country doesn’t have a particular resource required to support the wants and needs of their population, they rely on imported goods or services from other countries
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For example, Asia relies Australia’s farming industry to provide them with goods like beef
Specialisation refers to the way an individual, business, or entire country can focus on the production of a particular good or service, to develop a more efficient and competitive production process
Australia is rich in natural resources which influences the production of the types of goods and services for consumption and export.
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Interdependence
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Producers, consumers, businesses, or government, depend on each other to make, specialise, and use goods and services
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In order for consumers to pay they must make an income, like working for a business.
Businesses or producers rely on being able to sell their goods and services to consumers so that they can continue producing
Consumer’s ability to earn an income, and therefore purchase goods and services, is dependent on producers
Producers also rely on consumers to provide work for them and also purchase their goods and services.
allocation and markets
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The exchange of goods and services among buyers and sellers is known as a market. The market economy that most often determines how resources will be disturbed
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When the cost o production is high, not everyone will have it
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definition
• A branch of social science that studies the production, distribution and consumption of goods and services
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