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Economics - Coggle Diagram

- - - - Increase price
        
        elastic demand
        
        Revenues fall
        
        Inelastic demand
        
        Revenues rise
        
        Unitary demand
        
        No change in revenues
      - Decrease price
        
        elastic demand
        
        Revenues rise
        
        Inelastic demand
        
        Revenues fall
        
        Unitary demand
        
        No change in revenues
- - - - Social cost = Private cost + external cost
      - Social benefit = private benefit + external benefit
- - - - Advantage
        
        Efficiency
        
        competition and innovation makes business and individuals more dynamic
        
        Freedom of Choice
        
        make and buy what you
        want.
        
        Incentives
        
        Profit and high living standards
      - Disadvantage
        
        Income and wealth inequalities
        
        Rapid growth can create a ‘Dual-Economy’ where there are a few Rich people who own most resources and a large poor population trapped in poverty.
        
        Social hardship
        
        without a government who will provide for the poor?
        
        Environmental issues
        
        Rapid economic growth can destroy the environment
        
        Wasteful competition
        
        Duplication of products/services and advertising
        can be seen as wasteful and not in the interests of consumers.
- - - - Price stability
      - Financial stability
      - Economics analysis & statistic
      - Financial regulation
      - resolution
    - - Internet banking
      - Credit card services
      - Providing money transfer services
      - Providing safe deposit boxes for valuable items such as wills and jewelry