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Economics - Coggle Diagram
Economics
Definitions
Goods & Services
A good is physical product that can be seen or her, (tangible)
A service is skills, knowledge, or effort that a person provides and can not be physically touched (intangible)
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Scarcity
the economic problem where wants and needs are unlimited, but we only have limited resources to satisfy them
Economic Resources
Natural and Man-made items that we value and use to produce goods and services to satisfy our needs and wants
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Circular Flow of Money
Types of producers
Service
Someone or a business that provides their skills, knowledge or experience.
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Types of Consumer
Basic
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Loyal
Will only stick to one brand, person, or place
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