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Basic Economic Concepts - Coggle Diagram
Basic Economic Concepts
Price
ruled by demand and supply
Objective Value
Market
The place where good and services are sold
Demand
The willingness of consumers to buy
Supply
The willingness of a producer to sell in certain price
Equilibrium price
It is the príce which is established that the demand function equals the supply function.
F(S)= F(d)
GDP
The total production in a given time in a final price
Quantity and Quality
It doesn't consider the cost of production
Fair trade
Inflation
Money loos value
SPI
Measures the life quality of people in a certain country
Poverty
Not able to access to a need
Deflation
Money gains value
Capitalism
free market
Marxism
comunism
Government = the market
socialism
market has a plan = made by the government