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YEAR 10 MIND MAP ECONOMICS TERM 3 - Coggle Diagram
YEAR 10 MIND MAP ECONOMICS TERM 3
Week 1 & 2
6 concepts of economics and business
making choices
making choices is an important part of economics. as a consumer, we make choices about what we want to buy to satisfy ur knees and wants,
allocation and markets
he concepts of allocation refers to the way we distribute our scare resources among producers. it also refers to the way we then distribute scarce goods or services among consumers
interdependence
interdependence refers to the way rely on others to satisfy our needs and wants and needs. in you are unable to produce everything you need for yourself
speciallation and trade
many of countries around the world are unable to produce a variety of goods and wants required to satisfy goods and needs of their population
scarcity
scarcity is the economic problem of having unlimited needs and wants but only having limited resources available
economical performance and living standards
economists measure how well an economy is doing known as its economic performance
week 3
unemployment
definition
when you work less than 1 hour a week and are taking active steps to find a job
formula to calculate it
Number of Unemployed Persons / Labor Force
current rate in Australia
7.5%
week 4
write essay
essay preperation
economical growth
positive and negative economical growth
positive
Higher average incomes
negative
noise pollution and lower air quality
GDP
how is it used
tracks the health of a country's economy
what are its limitation
The exclusion of non-market transactions.
The failure to account for or represent the degree of income inequality in society.
what is it
Gross Domestic Product, abbreviated as GDP, is the total value of goods and services produced in a country
sources of economical growth
POPULSTTION
RESEARCH AND TECHNOLOGY
HUMAN RESOURCES
INFERSTRUCTURE
NATURA RESOURCES
STABLE GOVERNMENT
EXTERNAL FACTORS
inflation
what causes
Inflation can occur when prices rise due to increases in production costs, such as raw materials and wages.
what is CPI
Consumer Price Index
what is it
nflation is a general rise in price level relative to available goods resulting in a substantial and continuing drop in purchasing power in an economy over a period of time.
week 6
essay preperation
mapping uses and effects
inflation
unemployment
GDP and economical growth
week 7
living standards
in class assessment
OECD better living Iife index
what is it used for
designed to let you visualise and compare some of the key factors
what factors does it measure?
education, housing, environment
what is it for
designed to let you visualise and compare some of the key factors
types
non-material
example
workforce
definition
not having a physical or material form
material
example
wood, coal, oil
definition
the matter from which a thing is or can be made.
week 8
living standards
they vary between countries due to
macroeconomics
economic policy that affect the whole of the nation - such as budgetary policy (where to spend tax money) and monetary policy (increase/decrease intrest rates).
immigration
Australia from another country as immigrants. the government migration policy deals with people who apple to the australian government to enter the country as fellas those who flee their country seeking asylum in Australis
Microeconomics
affects a particular company (such as Quantas), an industry (such as the car industry) or a market (such as the export market). it often focuses on promoting competition, productivity and efficiency
factors that affects them
earning an icome
more money to spend on goods and services
factors that influence financial dececision
availability of credit
refers to how easy it is to borrow; in other words whether you are able to obtain a loan
marketing
marketing is conveying the value of goods and services to a customer in order to sell that product to them.
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sometimes associated with the quality of product. if the price is too low, the consumers becomes suspicious of it quality and it if it too high then it is not worth the money
age and gender of consumers
at a younger age, consumers may focus on paying university fees or buying a car, and those who have just become parents may focus on paying for childcare or education. gender may also play a roe in purchasing decisions as marketers may specifically target men or women to buy their products
convenience
items that save the consumers time and are easier to use can provide a huge advantage to those marketing products.
ethical and environment
ethics are standards that provide guidance on what is considered right and wrong. many consumers wish to purchase products that have been products in a way that is consistent with their beliefs on what is right
week 9
how the government influences living standards
microeconomics
3 types
trade liberalisation
Trade liberalization is the removal or reduction of restrictions or barriers on the free exchange of goods between nations.
deregulation
Deregulation is the reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry
labour market reform
are designed to improve the employment prospects for workers of different ages, in different occupations and industries and in different regions of the country.
affects a particular company (such as Quantas), an industry (such as the car industry) or a market (such as the export market
migration policy
how does the government decide who to let in
security, health, skill, english communication, age, family connections, humanisation needs
effacts on migration on economic and living standards
positive
more money in the economy, buisnesses thrive, more trade options
negitive
take jobs, overpopulations, disease
macroeconomics
2 types
monatary
It involves management of money supply and interest rate and is the demand side economic policy used by the government of a country to achieve macroeconomic objectives like inflation, consumption, growth and liquidity.
budgetary
The definition of budgetary is something related to a budget (the amount of money available or a financial plan for spending that money).
economic policy that affect the whole of the nation