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Unit 1 Econ - Coggle Diagram
Unit 1 Econ
production
good/services
inputs/outputs
land, labor, entrepreneurship, and capital
traditional
command
total control
North Korea
market
mixed
Economics
micro
macro
economic agents
households
individuals
firms
governments
central banks
resources
scarcity
unlimited wants/needs, limited resources
7 principals
Absolute/comparative advantage
specialized
trade
production possibilities curve
input/output
production possibilities
tradeoff
opportunity cost
PPF