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Year 7 Economics & Business (6 concepts (Scarcity (The problem of…
Year 7 Economics & Business
6 concepts
Scarcity
The problem of having unlimited needs and wants but limited resoures.
Making choices
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
Interdependence
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
Food
Water
Protective clothing
Shelter
Needs are those things that we cannot live without
Wants
People can survive without them
They make life more enjoyable
They provide more enjoyment or satisfactions
Examples: Iphone, mac pro ps4 pro
Wants:
Computer
Mansion
Desigher jeans
Ice cream
Pens/pencils
Television
Hairdryer
Needs:
Basic food
Basic clothes
House
Mobile phone
Clean Water
Education
Car
Producers & Consumers
Producers
Industrial
Service
Agricultural
Consumers
Discount
Impulsive
Loyal
Needs-Based
Types of work
part time
People who work part time work 35 hours or less a week and there work is not ongoing
casual
People who work casual do not have set hours and not entitled to leave and generally paid more
Full time
People who work full time works 35 hours or more a week and it is ongoing
voluntary work
People who work voluntary do not get paid