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Economics and Business - Coggle Diagram
Economics and Business
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Opportunity cost
In economics, opportunity cost is a fundamental concept. ... Opportunity cost represents the cost of a foregone alternative. In other words, it's the money, time, or other resources you give up when you choose option A instead of option B.
Markets
A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses.
Factors of production
Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship
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