Please enable JavaScript.

Coggle requires JavaScript to display documents.

Economics Revision - Coggle Diagram

- - - - definition - the way that changes in the price of one good can affect the quantity demanded of another good.**
    - - definition - Income elasticity of demand describes the sensitivity to changes in consumer income relative to the amount of a good that consumers demand.
- - - - Natural
        
        Financial Cost
        
        High Entry Cost
        
        Network Effect
        
        The effect that several different users have on the overall worth of a service or product to other users.
        
        Economies of scale
        
        Refer to existing companies' efficient production processes.
      - Industry
        
        Fianancial Services
        
        Getting started in the financial industry is often very costly and comes with substantial sunk and fixed costs that companies will not get back.
        
        Oil and Gas
        
        barriers include patients, high startup expenses, high resource ownership, regulations related to government, the environment and technology, existing copyrights and patents
        
        Pharmaceuticals
        
        challenging to enter because any drug must first be granted authorization from the FDA before it can be marketed
      - Artificial
        
        Predatory Pricing
        
        Occurs when an existing company intentionally lowers its prices because it can afford to while competitors can't.
        
        Brand Recognition
        
        A market where a company or companies already have an established brand makes it challenging for new businesses.
        
        Licences and Patents
        
        Business might find it challenging to enter the market if existing companies have licenses or patents.