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Economics and Business - Coggle Diagram

- - - - Economic decistios
        
        Financial Choices
        
        Such as how much money to save or spend
        
        Business Decistions
        
        What to produce or where to sell a product
        
        Legal Decisions
        
        Such as whether or not to take action over a faulty product
        
        Employment Decistions.
        
        Such as what career path to follow
  - - - Some key factors include
        
        inflation
        
        The eunemployment rate
        
        Gross domestic product
  - - - Specialisation refers to a business, inividual, or country specialising in producing a product/service as the area that they are working with allows this to happen.
      - Trade refers to an individual, business country, etc relying on others for their needs/wants etc
- - - - Water
      - Food
      - Shelter
      - Oxygen
      - Clothing
      - Healthcare
  - - - Examples of wants include
        
        iPad
        
        Phone
        
        Netflix
- - - - This means that they are completely responsible for the success or failure of a business.
        
        This means that the owner may have to sell their personal belongings to pay for debt and fines resulting from the failure of the business.
        
        However if/when the business becomes successful the success is due to the and they recieve all of the success.
  - - - One positive is that nobody is largely affected by failures of the company
      - The owners of the company are called share holders
  - - - One Positive
        
        A franchise allows a franchisee to run their own buiness while being supporte by the company that they are working for.
      - One Negative
        
        The francise decides how you run the business.
  - - - The owners share responsibility over success and failures.
- - - - 1 more item...