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Economics - Coggle Diagram
Economics
Needs
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Examples : food , water , shelter , clothing , medicine
want
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Example:A new car, a video game, or a laptop
Goods
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Examples : Phones , Clothing , Foods
Consumers
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Examples : A person buying groceries for their household , A family purchasing a television for home use
Producers
Definition : A person, company, or country that makes, grows, or supplies goods or commodities for sale.
Examples : Farmers , Manufacturers
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Traditional economy
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Examples : A rural village where families farm, hunt, and trade goods like rice or handmade tools based on customs and traditions
Command economy
Definition : Key aspect of a political system in which a central governmental authority dictates the levels of production that are permissible and the prices that may be charged for goods and services
Example : The government in North Korea controls all industries, decides what goods to produce, their prices, and how resources are allocated
Mixed economy
Definition : economic system that accepts both private businesses and nationalized government services
Examples : India has both private businesses and government-run industries, with sectors like healthcare and education regulated by the government while others, like retail and technology, operate privately
secondary sector
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Manufacturing ,Construction ,Energy Production
Tertiary sector
Definition : Covers a wide range of activities from commerce to administration, transport, financial and real estate activities, business and personal services, education, health and social work
Examples : A teacher providing education, or a doctor offering medical services
Quaternary sector
Definition : part of the economy that focuses on knowledge-based activities, such as research, technology, education, financial services, and information technology. It involves the generation and sharing of information and expertise
Examples : A software development company creating new applications, or a research institute conducting scientific studies
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market economy
Definition:A market economy is driven by supply, demand, and minimal government interference.
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Primary sector
Definition : The part of the economy that involves activities related to extracting raw materials from the earth
Examples : A mining company extracting coal from the ground or a fisherman catching fish from the ocean
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