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Basic economic concepts - Coggle Diagram
Basic economic concepts
Price
Ruled by demand and supply
Objective value
Market
The place where goods and services are sold
Demand
The willingness of consumers to buy something
Supply
The willingness of a producer to sell in certain price
Equilibrium price
It is the prive which is established where the demand function equals the supply function
F(s)=F(d)
Fair trade
Try to establish a fair price in some products for farmers
Inflation
Money loses value
Deflation
Money gains value
GDP
The total production in a given time in final price
Quantity and Quality
It does not consider costs of production
SPI
Measures the life quality
Poverty
not able to access a need
Capitalism
free Market
failures
Monopolies
Extermalities
Oligopolies
Self determination
Marxism
comunism
Government=Market
directly
socialism
Market has a plan= made by the government
Self determination
There is no private property
indirectly
no motivated