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economic and buisness (6 keys concepts🗝 (scarcity (scarcity is what…
economic and buisness
6 keys concepts🗝
scarcity
scarcity is what happens when a certain resource that is low is hard to find and will affect the economy and fluctuate prices and will be scarce
specialisation and trade
For example, in Australia we have many valuable natural resources that other countries do not have. These precious resources can be used by us and other countries for many different things like gold and iron.
interdependence
Interdependence refers to the way we rely on others to satisfy our wants and needs. Participants in our economy, including producers, consumers, businesses and the government, depend on each other to produce, specialise and consume goods and services
allocation markets
The concept of allocation refers to the way we distribute our scarce resources among producers. It also refers to the way we then distribute scarce goods or services among consumers.
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making choices
Making choices is an important part of economics. As consumers, we make choices about what we want to buy to satisfy our needs and wants. These decisions can be small, such as what we will buy for lunch, or big, such as whether or not to buy a house.
types of businesses
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partenerships
Partnerships are formed when two or more people agree to run a business together. The details of what each partner is responsible for and entitled to are often specified in a partnership agreement.
cooperations
Corporations, also known as companies, are businesses that are considered separate legal entities to their owners. Companies are more expensive and tricky to set up and maintain than proprietorships or partnerships, but they protect the owner(s) by providing them with limited liability.
franchises
A franchise agreement allows a person (franchisee) to use the name, products and services of an existing business, in return for franchise fees and a portion of the profits.
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what is economics
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• Is a branch of social science that studies the production, distribution, and consumption of goods and services
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needs and wants
needs🍞
Needs are defined as thigs that are required to survive. These include
Food shelter clothing healthcare
wants🍟🥓🍔
Wants are goods and services that are not necessary for our survival but e desire to have them.. these include things such as
Toys games entertainment jewellery