Please enable JavaScript.

Coggle requires JavaScript to display documents.

Business and Economy - Coggle Diagram

- - - - inflation is the increase in prices of good and services
      - unemployment rate is the percentage of the unemployed people out of the people who are able to work
      - Gross Domestic Product (GDP) - total value of goods/services produced in a country annually
    - - non-material living standards contribute to happiness like freedom, access to facilities and free electrons
      - Material living standards are access to physical goods and services
- - - - The good is unsafe or was significantly different from its sample or description
      - The product did not do what the business claimed it could or what the consumer asked for
      - The problem, if known, would have prevented the consumer from buying the item
  - - - An unsafe situation was created
      - The service does not meet the specific purpose you asked for and cannot be easily fixed within reasonable time
      - The problem, if known, would have prevented the consumer from purchasing the service
      - the service performed is substantially unfit for its common purpose and cannot be fixed within a reasonable time
- - - - Fake charities and organisations that take advantage of peoples generosity and kindness in order to steal their money
    - - When one person (Usually a younger person) takes advantage of another person looking for love (Generally an older person) on dating websites and social medias in order to get money, presents and even citizenship by using them.
    - - When a convincing person convinces you to give them bank account info and other personal info
    - - Chip readers on things like ATM's or other kinds of eftpos machines that read your card chip to steal money
    - - A person will claim to be able to see your future and tell you something horrible is going to happed or tell you that something incredible is about to happen and then charge you more and more money to find out what it is
    - - A person will convince you or your business to invest in them or their product but they will actually just take your money
- - - - investing money comes with a risk of loosing money. when considering risk you should consider the time frame of your investment goal
    - - property, equities, superannuation
    - - debt occurs when money is owed to another party and must be payed back within a certain time frame. a loan used to pay university fees is generally good debt as it increases ones ability to secure a job, where as if the loan decreases in value then it is bad debt
  - - - 1) identify what you want and how much it costs
      - 2) identify the amount of money you can put aside per week/fortnight/month
      - 3) identify how long it will take to reach goal
    - - putting money in the bank will most likely mean the bank will pay an additional amount of money to you.
    - - putting money aside to spend on a later date on something that costa alot
- - - - Your personal identification number (PIN) should be kept safe and secret at all times
    - - Such as Eftpos fees, ATM fees, Phone and internet banking fees and exception fees
- - - - Australia is linked to the global economy because
        
        international market for labour
        
        technology
        
        foreign direct investment
        
        migration
        
        trade with other nations
- - - - customers are enticed by low prices to buy goods and services
      - new technology can be used to cut labour costs
      - self checkout reduces the need for workers
    - - features - what does the product have that others dont
      - reliability - can the product work successfully
      - performance - how well it works
      - conformance - does the product meet expected standards
      - durability - will the product last a reasonable amount of time
      - serviceability - how quick can the product be replaced if it breaks
      - aesthetics - does the product look, feel, sound, taste or smell appeal to consumers
      - perceived quality - does the consumer think its a quality product
    - - is changing an already existing product or creating a whole new one that makes a process easier and/or more effective