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ECONOMICS AND BUSINESS, FACTORS OF PRODUCTION, Making Choices, FUTURE OF…
ECONOMICS AND BUSINESS
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GOVERNMENT IN THE MARKET
Federal Budget
Outlines what money the Australian government expects to receive and spend throughout the financial year.
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Medicare
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Free or subsides treatment from doctors, specialists and other healthcare practitioners
The study of production, distribution, and consumption of goods and services as well as how societies allocate their scarce resources and how limited resources are used to satisfy unlimited wants by people.
FACTORS OF PRODUCTION
BUSINESS INFLUENCES
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Demographics
A business has to categories the population to get a better understanding of what products to produce, how to market them and where to locate.
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Enterprise
A business’ ability to put land, labour and capital together to create goods and services.
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Capital
Money, equipment, buildings or any other items the business needs to produce goods or services
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FUTURE OF WORK
TYPES OF BUSINESSES
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Franchises
Franchise agreement allows a person to use the products, name and services of the existing business in return for franchise fees and a portion of the profits.
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Scarcity
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Allocation and Markets
How consumers distribute our scarce resources among producers and the way we next distribute scarce goods or services among consumers.
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Economic problem of having unlimited needs and wants, but limited resources available.
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The way we rely on others to satisfy our wants and needs, with everyone in the economy, including producers, consumers, businesses and the government depending on each other to produce, specialise and consume goods and services.
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DEMAND
SUPPLY
Producers/suppliers are more willing to produce goods and services if they can sell them for a higher price
LAW OF SUPPLY
The higher the price of the product, the higher the quantity that suppliers will want to produce and sell.
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Interdependence
6 MAIN CONCEPTS
Specialisation and Trade
The fact that countries around the world are unable to produce the variety of goods and services required to support the wants and needs of their population as this reason for this can be availability of resources.
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