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ECONOMICS AND BUSINESS, CFMM - Coggle Diagram
ECONOMICS AND BUSINESS
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Key Concepts
Specialisation + trade - Exporting things that we focus on to produce and importing the things we need (trade)
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Types of investment
Property
Where a house, unit, factory, building or land is purchased trying to increase the value
Equtities
Shares / stocks , co-owning part of a business with someone else
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Investment - is putting money into shares, property or other financial schemes in hope of making profit
Factors of production
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Enterprise - Management skills, skills, talents required to bring resources together successfully
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Types of economies
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Planned Capitalist - Individuals and firms own productive resources. Government decides 'What to produce?, How to produce it? and Whom to produce?
Planned Socialist - Production is taken place in line with the governments long and short term plans
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Global supply chain
A supply chain is to show the links or activities that are required to move a product or service from a supplier to a consumer
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Competitive advantage
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E.g - Better prices, better quality, great customer service
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This is a Circular Flow Model and it shows the interdependence through the businesses and individuals
