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Economics and Business - Coggle Diagram
Economics and Business
Concepts
Making choices
In order to make a good economic decision, we must consider our options (financial choices, business, legal and employment decisions).
Specialisation and Trade
Many countries around the world are unable to produce the variety of goods and services required to satisfy the needs and wants of their population.
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Scarcity
Scarcity is the economic problem of having unlimited needs and wants, but limited resources available.
Allocation and Markets
Allocation refers to to the way we distribute our scarce resources among producers. The exchange of goods and services among buyers and sellers is referred to a market.
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Australia's economy
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Globalisation
all the countries of the world are linked and should be seen as one worldwide, or global, economy.
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Global supply chain
The many links or activities that are required to move a product or service from a supplier to a consumer around the world.
Outsourcing
All countries need to import goods and services to meet the demands of consumers at home. Many companies outsource, using resources outside of their business, often overseas.
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Saving and investing
Saving
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Setting saving goals
Identify what you would really like to have in the future and how much it will cost, identify the amount of money you can put aside each week or month and identify how long it will take to reach this goal.
Investing
Process of putting money into a business or commercial venture with the expectation of making profit
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