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2.1 economics - Coggle Diagram
2.1 economics
specilisation
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reigions - regions would often specaloise based on what resources they have but now they specalise based on their services eg norwich is specalised in insurance
advantages - creates jobs, efficient use of resources, infrastructure development
disadvantages - risk of fall in demand, can use all the resources
specialisation is when a firm concentrate on producing a good or service that they have an advantage making. this might mean they stop producing something else.
workers - all workers will specalise, they exchange their labuor for goods and services
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countries - countries used to specalise based on what they would get the most advantage from but now they specalise based on skills and knowledge
advantages - more jobs, international trade
disadvantages - unemployment, over-dependence
producers - it is normally bad for a firm to specialise into just thing because it means if that product stops being bought then their whole company will go bust.
advantages - higher output, higher productivty
disadvantages - dependency, movement of workers
market
product market - a market where goods and services are offered to consumers. they allow for lower prices and increased choice with competition between firms
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a amrket is where buyers and sellers come together to exchange gods and services. a market economy relies on supply and demand to allocate scarse resources
sectors
secondary - using the raw materials to make something , like working at a factory
tertiary - when a service is provided in exchange for money, eg teaching or finance
primary - obtaining natural resources , eg mining fishing
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