Year 7 Economics & Business (6 concepts (Scarcity (The problem of…
Year 7 Economics & Business
The problem of having unlimited needs and wants but limited resoures.
Making choices is an important of economics.
specialisation & trade
Trade= buying and selling.
Economic performance & living standards
Measure how well an economy is doing= economic perforamance
The way we rely on others to satisfy our wants and needs
Allocation & markets
Allocation way we distribute our scarce resource among producers.
Needs & wants
Needs are those things that we cannot live without
People can survive without them
They make life more enjoyable
They provide more enjoyment or satisfactions
Examples: Iphone, mac pro ps4 pro
Producers & Consumers
Types of work
People who work part time work 35 hours or less a week and there work is not ongoing
People who work casual do not have set hours and not entitled to leave and generally paid more
People who work full time works 35 hours or more a week and it is ongoing
People who work voluntary do not get paid