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Economics - Coggle Diagram
Economics
Main concepts:
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Scarcity
overcoming survival mode, building a starter home and crafting
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Markets and allocations
medieval market, shopping centre, ancient civilisation
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economic performance
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GDP (Gross Domestic Product): Gross domestic product is a monetary measure of the market value of all the final goods and services produced in a specific time period.
Inflation: In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money
Living standards
Material
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access to food, health care, cars, etc.
Non-material
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clean air, safety, freedom of speech, time off work, etc.
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