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Year 8 economics semester 1 mind map Aishah (week 2 (key terms (cost…

- - - - water, food, air, etc
      - needs are resources you can not live without
    - - a want is something you desire but isn't necessary to have.
      - car, electronics, toys/action figures
  - - - a portion of a loan that is charged as interest to the borrower, also known as an annual percentage of the loan outstanding.
    - - business is an occupation or trade and the purchase and sale of products or services to make a profit. An example of business is farming.
      - a house sale
    - - opportunity cost is where your stuck inbetween two things and have to go for the cheaper one, the more expensive one is your opportunity cost
      - you have a bear or a horse if you pick the horse the bear would be you opportunity cost
    - - estimating what will need to be paid and possible profits derived from a business proposal
    - - scarce means that there are never enough resources, or materials, to satisfy, or fulfill, the wants and needs that every person have.
      - not enough water, not enough supplies
    - - putting money into shares, properties or other financial schemes in the hope of making a profit
- - - - demographics
      - target market
      - location
      - competition
    - - how will we produce it
      - what do we want to produce
      - who are we producing for
- - - - consumers
        
        people who buy
      - financial sector
        
        people who do the paperwork
      - producers
        
        people who sell in the markets
      - government
        
        decides on decision