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economics ((scarcity is an economic problem where there is unlimited wnts…
economics
scarcity is an economic problem where there is unlimited wnts and needs and not enough materials. some of the resources include water, electrical, soil, and sugar are all examples of resources used in the production of goods and services.
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enterprise(management resources) the skills or talent required to bring the other resources together successfully.
we make choices about what we want to buy. 1. we consider our options.2. we choose options that are better for us.3. financial choices (such a what to produce or where to sell a product).4. employment decisions( such as what career path to follow).5. legal decisions( such as whether to not take legal action over a faulty product. part of our needs and wants to make choices result from the concept of scarcity. because. our resources are limited we are not able to produce, buy or own everything we want or need
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allocation refers to the way we distribute our scarce resources. there are many way to distribute resources among buyers and sellers and this is referred to as market and market economy when the cost is producing or obtaining a particular resource is high not everyone will be able to obtain it
economics measure how well an economy is doing known as its economics performance is doing over a wide variety of methods
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AI is short for artificial intelligence and this has been taking over the world dramatically lately. in some case AI is more efficient then human workers, as AI is programmed to do that one job. AI could take a huge amount of jobs n the future. some AI is so efficient and intelligent it ca diagnose people with multiple amounts of cancer even though it cant treat the patients this is still impressive. a job you may not expect to be under threat is drivers and driving instructors, as self driving vehicles are in production
Corporations, also known as companies, are businesses that are considered separate legal entities to their owners. Companies are more expensive and tricky to set up and maintain than proprietorship or partnerships, but they protect the owners by providing them with limited liability. This means that if the company fails, the owner will not be forced to sell their personal assets to pay the debts of the company in most circumstances.
A cooperative is a business made up of at least five members who contribute to the running of the business, all of which have equal voting rights regardless of their position in the business. Although not very common, cooperatives are becoming increasingly popular and successful as they make each member feel valued as equals,
The location of a business can determine whether it will be a success or failure. Different types of businesses will perform better in certain locations which is why the owner should carefully consider the needs of the business before deciding on a location.
Before a business decides on its location and target market, it needs to know what kind of people are out there. By categorizing the population into categories or demographics, a business can get a better understanding of what products to produce, how to market these products and where to locate their business.
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Sole traders, also known as proprietors, are individuals who run their own businesses. While they can employ other people to work for them, sole traders are completely responsible for the success or failure of the business. This means that the owner might find themselves having to sell their personal assets such as their car or home to pay off the debts of their business if it fails.
Partnerships are formed when two or more people agree to run a business together. The details of what each partner is responsible for and entitled to are often specified in a partnership agreement. Partnerships help the owners share the responsibility of running a business while utilizing the skills, effort and finances of the different partners
It is important for a business to figure out exactly what kind of people will be buying its products. Very few products appeal to absolutely everyone. The type of people who are most likely to buy a product are the business’ target market for that product. Knowing its target market allows the business to plan important aspects of the business, such as its location, advertising strategy and product features, in a way that appeals to those people.
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when the 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 and from another country. specialization refers to the way an individual business, or entire country can focus on the production of a particular good and service e.g in Australia one of our specialized industries is the mining industry, we have the natural resources workers and equipment
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law of supply. supply refers to the higher the price of the product the more the produce will want to produce.
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