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2.1: the role of markets - Coggle Diagram
2.1: the role of markets
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Product Market:
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Price is influenced by supply and demand, which encourages producers to innovate.
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Sectors:
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Secondary sector
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Either direct use to make a product or construction, eg: buildings or infrastructure
Tertiary sector
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The only sector directly dealing with people, and most firms have seen a shift to this in the last hundred years
Specialisation:
Where everyone is focused on producing goods and services, which leads to gretaer efficiency and output
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Exchange:
Giving up something in exchange for something they need but do not posess. This is mainly scarce resources, but recently has often been money
Keywords:
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Division of labour: Where workers specialise in or concentrate in one area of the production process
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