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economics and business - Coggle Diagram
economics and business
KEY CONCEPTS
specialisation and trade - countries specialize in certain products which they trade for other goods, rather than producing them
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allocation and markets - Market allocations are agreements in which competitors divide markets among themselves
scarcity - having unlimited needs and wants, but limited resources
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SCAMS
psychic/clairvoyant
Psychic and clairvoyant scams are designed to trick you into giving away your money, usually offering to tell your future or your fortune in exchange for a fee.
charity
Fake charities try to take advantage of you by posing as a genuine charity so you donate money to them
romantic
romance scammers start a relationship with their targets to build their trust, and then convince them to send them money
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INVESTMENT OPTIONS
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shares
shares and ownership of a company, investing money in a company in hope to make a profit
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DEBTS
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bad debt
bad debt is purchasing something that will decrease in value over
time and/or will not earn an income.
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MARKET
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market socialist economy
same as market capitalists, but productive resources are mostly owned by the governent
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COMPETITIIVE ADVANTAGE
competitive advantage gives a business the ability to outperform other similar businesses in the market
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