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Economics and Business Mind Map - Coggle Diagram
Economics and Business Mind Map
6 Concepts
Scarcity
demand for a good or service is greater than the availability of the good or service
Shortage of fertile land for food to gorw
Interdependence
Economic interdependence is a system by which many companies are economically dependent upon each other.
Allocation of resources
resource allocation is the assignment of available resources to various uses
resources can be allocated by various means, such as markets, or planning
Making Choices
ability of a consumer or producer to decide which good, service or resource to purchase or provide from a range of possible options
Popsicle or Icecream
Specialisation and Trade
Specialisation
nation or individual focuses resources on producing a limited variety of goods
Trade
Buying and selling goods
Economic Performance
how productive a business is
Global Supply chain
Primary
Suppliers that supply manufactures with raw products
Secondary
Manufactures, the people who turn the raw products in to goods or service
Tertiary
Retailer that sells the goods to consumers
Innovation And Competitive advantage
How a business can come up with new ideas and strategies that beat competitors
Example: Mcdonalds being the first to come up with drive through service, Happy meals, McCafe
Market Segmentation
PSYCHOGRAPHIC
the study and classification of people according to their attitudes, aspirations, and other psychological
Example : Interests
DEMOGRAPHIC
relating to the structure of populations
example: race, sex and age of a population
Behavioural
involving, relating to, or emphasizing behaviour.
GEOGRAPHiC
based on or derived from the physical features of an area.
economic systems around the world
Market capitalist
system where private individuals and corporations own the means of production
Australia
Planned Socialist
production of use-value directly
China
Planned Command
requires that a nation's central government own and control the means of production
Russia
traditional/subsistence
system that relies on customs, history, and time-honored beliefs, agriculture, fishing, hunting, gathering
Inuit people in the United States' Alaska, Canada
Corporate responsibility
The business ethics, how the business does things.
Reducing carbon footprint
