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Economics and Business - Coggle Diagram

- - - - Land: natural resources such as coal or water
      - Labour: human resources such as workers
      - Capital: manufactured resources such as equipmemt
      - Entrepreneurship: management resources: the skills or talents required to bring the other resources together successfully
  - - - Financial Choices: how much to spend or save
      - Business Decisions: what to produce or where to sell a product
      - Employment Decisions: what career path to follow
      - Legal decisions: such as whether or not to take legal action over a faulty product
- - - - How do we produce it
        
        Who do we produce it for
- - - - scammer poses as a genuine charity and takes advantage of givers generosity
    - - Victim may be told that they will be in some sort of trouble in future. They have to pay for something like a lucky charm, or be threatened by a curse if they don't pay fee to the scammer.
    - - the scammer takes advantage of someone looking for romance
    - - stimulating a real business in order to gain access to details
      - Texts- to make you click on dodgy links
      - emails that pretend to be sent on behalf on your bank asking for account details
    - - call from scammers that ask you for money, saying that there is something wrong with your accounts and asks for your details
    - - stealing information from the magnetic strip of an ATM or credit card so that a clone of your card can be produced and used legally
- - - - Manufacturing
        
        Marketing and advertising
        
        Distribution
        
        Retail
        
        consumer
- - - - where money is invested for a fixed term at a fixed rate of interest
    - - Possession if things where purchasing is for the aim of increasing the value
    - - is a unit of ownership in a company
    - - method of saving retirement
  - - - Simple interest: interest based on just the principal amount= principal(1+rate+time)
      - Compound Interest: interest added to the principal, which is then used to calculate interest.
    - - Good Debt: money is borrowed and is used to purchase something that will provide income or increase in value
      - Bad Debt: used to purchase something that will decrease in value over time and/or will not earn income