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Economy - Coggle Diagram
Economy
Borrowing
Credit Cards
Short-term borrowing, security of online purchases (store cards are also a type of credit card)
Overdrafts
Short-term borrowing, emergencies, unforeseen costs
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mortgages
House purchase, remortgaging for better terms/interest rate, a further advance (additional secured loan) on your original mortgage
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consumption
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income individuals have left after income related taxes and social security contributions. What's left is called disposable income
the more disposable income a person has, the more potentiak will spend as a consumer
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Spending
Government spending:
Government spending refers to money spent by the public sector on the acquisition of goods and provision of services such as education, healthcare, social protection, and defense.
Consumer Spending:
Consumer spending is the total money spent on final goods and services by individuals and households for personal use and enjoyment in an economy.Consumer spending can be regarded as complementary to personal saving, investment spending, and production in an economy.
Investment spending:
Money spent on capital goods, or goods used in the production of capital, goods, or services. Investment spending may include purchases such as machinery, land, production inputs, or infrastructure.
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government
the governing body of a nation, state, or community.
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Tax
Direct taxes :
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Capital gains tax is taxing the profit made by selling goods at a higher price than they were originally bought for
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Savings
Involves a person delaying consumption until some later time when they withdraw and spend those savings + any interest earned
The more disposable income a person has, the more they are potentially able to save
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Education
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Increases people's creativity, productivity, etc
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Innovation
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Higher productivity
first, innovation in existing firms can both increase their efficiency and improve the goods and services they offer, thus increasing demand as well as reducing costs of production.
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Religion
for given religious beliefs, increases in church attendances can slow down the economic growth. However, for given church attendance, increases in some religious beliefs -notably heaven, hell, and an afterlife, tend to increase economic growth.
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