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Economics and Business - Coggle Diagram
Economics and Business
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needs and wants
Needs: Needs are things that people need in order to survive. These can include things such as food, water, and shelter
Wants: Wants are things that people desire but dont necessarily need. These can include iphones, airpods, a mansion with a pool, and many more
Australian Economy
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Why is work important?
It's important to work so that you are able to pay income, look after your health, buy the things you need/want and life satisfacation
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market economy
What is market economy?
Market economy is an economic system where two forces, known as supply and demand, and directs the production of goods and services
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Types of markets
Traditional
Traditional marketing is the process of satisfying the needs of the target audience using offline channels and making profits from it.
Mixed
one that incorporates the principles of the capitalist free market to allow for private economic freedoms but tries to offset its negative effects in order to secure or enhance social good
market
an economic system in which two forces, called supply and demand, drive the production of goods and services.
command
an economic system in which the means of production are state property and economic activity is controlled by a central authority that sets quantitative production goals and allocates materials to manufacturing enterprises.