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Economics - Coggle Diagram
Economics
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Good
items that satisfy human wants, provide utility or usefulness, and are scarce (have limited availability).
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Command economy
It is is a key aspect of a political system in which a central governmental authority dictates the levels of production that are permissible.
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Market Economy
It is an economic system where two forces, known as supply and demand, direct the production of goods and services.
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Producers
A person, company, or country that makes, grows, or supplies goods or services for sale.
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Primary Sector
It is the part of the economy that involves activities related to extracting raw materials from the earth.
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Secondary Sector
It is industries that process, manufacture, and construct products.
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Tertiary Sector
It covers a wide range of activities from commerce to administration, transport, and many others.
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Quaternary Sector
The quaternary sector is defined as the industry based on human knowledge which involves technology, information, financial planning, research, and development.
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Needs
In economics, a need is something needed to survive while a want is something that people desire to have, that they may, or may not, be able to obtain.
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Supply
the number of units of goods or services a supplier is willing and able to bring to the market for a specific price.
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Demand
Demand is an economic concept that relates to a consumer's desire to purchase goods and services and willingness to pay a specific price for them.
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