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Economics - Coggle Diagram
Economics
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Factors of Production (All examples, are based off of a bake stand)
Land - The space and natural resources. Where are you going to set up your business? What land is needed to grow the natural materials you need. Example: What wheat crop is needed to produce flour?
Labour - The workforce of people. Who is running your business? Will your friends help you? Will your parents help?
Capital - The money and the equipment. What equipment will you need? How much will it all cost, can you afford it? Example: Can you afford napkins, plates, cake mix.
Enterprise - the ideas and drive. What are you going to sell? Example: What cakes are you going to sell?
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Needs and Wants
Need - A need is something that you need for survival. This can be: Water, food, shelter etc.
Want - A want is something that someone desires, but doesn't need for survival. This can be: Designer clothes, trending shoes etc.
CSR
What is CSR? Corporate social responsibility (CSR) is a type of international private business self-regulation that tries to contribute to philanthropic, activist, or charitable societal goals by volunteering or supporting ethically minded actions.
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Goods and services
Goods and services are the output of an economic system. Goods are tangible items sold to consumers. Services are tasks performed for the benefit of the recipients. Examples of goods are: Clothing, kitchen appliances, cars etc. Examples of services are: Hairdressers, surgeons, lawyers etc.