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economics & business - Coggle Diagram
economics & business
economic performance
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gdp
the total of all value added created in an economy. The value added means the value of goods and services that have been produced minus the value of the goods and services needed to produce them
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living standard
material
material living standards are living standards that can be measured by price and are tangable incone clean water
non material
non-material living standards are living standards that can not be measured by price but have value to the individual safety happyness
key concepts
allocation and markets
The term 'market allocation' is used to refer to a type of a horizontal trade agreement in which different competitors agree on one single term which is to restrict the various activities related to the business
specialisation and trade
Specialization refers to the tendency of countries to specialize in certain products which they trade for other goods, rather than producing all consumption goods on their own.
interdependance
interdependance is the concept of supply and demand and how you need to supply workers with income for labour which they then spend back into another business
economic performance
Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy over time.
making choices
Choice refers to the ability of a consumer or producer to decide which good, service or resource to purchase or provide from a range of possible options
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