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ECONOMICS Money-bank-notes-034_WEB : (Making Choices (• We make choices…
ECONOMICS 
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What is economics?
A branch of social science that studies the production, distribution and consumption of goods and services
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Making Choices
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• Our resources are limited, we are not able to produce, buy or own everything we want or need
Specialisation and Trade
When a country is unable to produce a good or service, it can rely on trade, or the ability to import or export goods or resources to or from another country
Specialisation refers to the way an individual, business or entire country can focus on the production of a particular good or service
Like many other countries, Australia can buy products that we are unable to produce cheaply ourselves
Interdependence
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Depend on each other to produce, specialise and consume goods and services
Allocation and Markets
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When the cost of producing or obtaining a particular resource is high, not everyone will be able to obtain it
For example, it costs a lot
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The Future Of Work
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Age of Retirement
In the future people will be expected to work longer before retirement. This is because on average people are living longer each year.
Australian Workers
Worker's Unions
Workers and their employers have had many disputes over the years. This is because a business is mainly concerned with making as much profit as possible, which means paying workers a little amount.
Unemployment
One of the main goals of the Australian Government is to create enough jobs for its citizens. It does this is by managing the economy in such a way that businesses have a potential to grow.
Government Laws
Over the years, government laws affecting Australian workplaces have seen many changes. While the government has adopted a more relaxed stance on how much workers get paid, they have set laws to prevent the mistreatment of workers.
Workers of The World
Sweatshops
A sweatshop is a factory that pays its workers very low to work in poor conditions. They are common in poorer nations where the laws that protect workers are not enforced
Types of Business
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Corporations (Companies)
Corporations (Companies) are businesses that are considered separate legal entities to their owners.
Cooperatives
A cooperative is a business made up of at least 5 people who contribute to the running of the business.