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Business and economics - Coggle Diagram
Business and economics
Economics
Key concepts
scarcity: how available something is, making choices: deciding what is best for your money, specialisation and trade, interdependence, allocation and markets, economic performance and living standards
Interdependence global trade
worldwide mutual dependence between countries
Main trading partners
top ten trading partners in 2018-19 in order were China, Japan, the United States, the Republic of Korea, Singapore, New Zealand, the United Kingdom, India, Malaysia and Thailand
Supply chains
the sequence of processes involved in the production and distribution of a commodity
Innovation
Importance
the economic value of something, anything either good or bad
Marketing strategies
a business's overall game plan for reaching prospective consumers and turning them into customers of their products or services
Competitive advantage
factors that allow a company to produce goods or services better or more cheaply than its rivals
Specialisation
a method of production whereby an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency
Changing work environment
calls for an adaptive, agile, and more productive workforce
Financial risks
Scams
a dishonest scheme; a fraud
Protection strats
A protective put is a risk-management strategy using options contracts that investors employ to guard against a loss in a stock or other asset. For the cost of the premium, protective puts act as an insurance policy by providing downside protection from an asset's price declines
Investments
the action or process of investing money for profit