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Economics theme 1 - Coggle Diagram
Economics theme 1
Market mechanisms
Demand
PED
XED
YED
Supply
PES
Consumer surplus and producer surplus
The functions of the price mechanism and their limitations
Market failure
Positive externalities of consumption
Negative externalities of production
Imperfect information
Price volatility
Government intervention
Min price
Max price
Taxation
Subsidies
Nature of microeconomics
Types of markets
Ceteris paribus
The economic problem
Government failure