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Economics - Year 8 HASS (6 key concepts of economics (making choices…

- - - - consumer
      - financial
      - business
  - - - some people will have to rent, live with their families or rely on the government support
  - - - • Gross Domestic Product (GDP)
        
        the total value of goods and services produced in a country over a year
      - • Inflation
        
        the general increase in prices of goods and services
      - • The Unemployment Rate
        
        the percentage of people who are unemployed out of all people who are able to work
    - - Non-material living standards are harder to measure
- - - - where a larger quantity is demanded when prices drop
  - - - that the higher the price of a product, the higher the quantity that suppliers will want to produce and sell
- - - - largest market in the world
      - different currencies from around the world are bought and sold
    - - shares in Australian companies are bought and sol
    - - houses are bought and sold
    - - workers sell their skills, knowledge and effort to employers
  - - - street lights
      - radio
      - light houses
    - - schools
      - public transport
      - emergency services
- - - - shelter
      - clothes
      - food
      - water
  - - - games
      - toys
      - phones
- - - - exceptions to the guarantee we receive when we buy a product or service
      - our responsibility as consumers is to learn about the product or service we wish to buy before we commit to buying it
    - - consider how we can satisfy our needs and wants in the way that is least harmful to others
      - make an effort to purchase goods and services that do not have a negative impact on other people, animals or the environment
      - Consume less
        
        minimise our negative impact on the planet
        
        need to be aware of how we use the goods we buy and how the disposal of them will affect our world
      - Buy local
        
        be certain that workers from poorer nations have not been exploited to make our products
        
        reduces the negative effect of transportation on the environment
  - - - businesses are less likely to lose employees who don’t wish to work for a business that does the wrong thing
      - be socially responsible by always considering its impact on people and the environment when making decisions
        
        include implementing environmentally friendly practices
        
        recycling
        
        reducing waste
        
        pollution
        
        buy their materials from ethical sources
        
        no child labour
        
        no sweatshops
        
        no destructive farming practices
      - Socially responsible businesses are likely to attract more customers, who prefer to see their money going to a good cause
    - - the business must then ensure that employees are treated fairly and equally, and do not face discrimination
      - business has many rights and responsibilities when it comes to dealing with employees
        
        e.g. a business has the right to only hire employees that they feel are fit for the job and ask questions relating to the employee’s ability to do the work
      - an employer must make sure that it provides safe and healthy working conditions at all times
    - - many laws that outline the rights and responsibilities of businesses and consumers in Australia
      - These laws protect both businesses and consumers from unfair treatment
- - - - specified in a partnership agreement
- - - - e.g. a business might outsource their marketing or advertising to a local marketing company
  - - - allows people to save documents, contacts, photos or music to an online ‘cloud’
      - can be accessed from any device
        
        computer
        
        phone
        
        tablet
  - - - we do this because we want things quicker
  - - - businesses could shut down
      - e.g. petrol cars
    - - new businesses will appear
      - e.g. electric cars, like Teslas
- - - - e.g. 2 or more people - partnership
      - e.g. 1 person - sole trader