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Business and the economy - Coggle Diagram
Business and the economy
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Economic Systems
Centrally Planned: Government makes all decisions, more equal distribution of wealth, lack of profit motive makes firms inefficient
Mixed: combines elements of free and centrally planned systems, wide range of product/service choice
Free Enterprise: Little or no government involvement, wide choice of goods, large gap can develop in the distribution of wealth
Economic Variables
- Inflation: the increase in the cost of living from one year to the next
- Taxation: Form of Revenue for the Government
- Interest: Dictated by ECB
- Unemployment:% of labor force without jobs
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