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Economics - Coggle Diagram
Economics
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Markets
Prices - the amount of money expected, required, or given in payment for something.
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Demand - demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time
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Producers and Consumers
Producers are people that create/produce goods
and offer these services for people who wish to buy these items.
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consumer rights - consumers have the right to be informed, the right to choose, the right to safety, the right to be heard and the right to have problems corrected
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Needs and Wants
Needs are things that are essientail and required for everyday life e.g. shelter, food, water, clothes, sleep
Wants are things that people buy to simply to satisfy themselves and these items are not required for everyday e.g. TVs, Phones
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