DRSC HASS Year 7 Economics (6 concepts of economics (Scarcity: Unlimited…
Year 7 Economics
is something we can not physically live without.
EXAMPLE: An example of a
is water and food so we can live.
is something we desire but can live without.
EXAMPLE: An example of a
is chocolate, soda and even ice cream.
6 concepts of economics
Scarcity: Unlimited needs and wants but limited resources.
Making choices: Consumers make a choice on what to buy 4 types of choices financial,business, employment and legal decision.
Allocation+Marketing: Allocation is how we distribute our resources to markets, exchanging included.
Specialisation and trade:Population can effect needs and wants, it can be effected by import and export.
Interdependence: Relying in others to provide for you.
Economic performance: Gross domestic product inflation unemployed rate are some key economic performance, living standards are measured.
Producers and consumers
DEF: Producers are people who give/create goods and service for people to consume.
Types of producers
DEF: Any type of farmer is agricultural.
DEF: Any type of factory worker is industrial.
DEF: A service producer is some one who produces goods and service like teacher give students knowledge.
DEF: A consumer is some one who purchases good and service.
Types of consumers
DEF:Someone who goes for the cheaper price when shopping.
DEF:Someone who stays with their producer for a period of time.
DEF:Someone who can’t resist to buy unnecessary items.
DEF:Someone who only buys necessary essentials.
Socially Responsible Consumers
Socially responsible consumers are people who make sure that their products they purchase don’t cause harm to the environment and have a Fair trade logo on it.
Goods and services
DEF:Goods are something that is tangible.
DEF:Services are something that is intangible.
DEF: The economic problem is the problem where we have unlimited needs and wants but limited resources.
DEF: This is when you rely on others
to make or provide goods and services
Circular flow model income and goods and services go from business to households and expenditure and labour go from households to businesses.
DEF: This is when producers sell this item they see how much it cost then they would add a bit of profit on the price.
DEF: A high quality business or brand is setting a price higher than its competitors.
DEF: This is when producers have their price low then make it cost more when they have attracted more consumers.
DEF: This is when producers don’t round their price to the nearest dollar. If a product was $4.95 you would not see it as $5 but $4.
DEF: Large businesses who buy their products in bulk can get it cheaper than smaller businesses make small amount of profit to get more people to buy.
Factors of production
DEF:Money, equipment, buildings or any other items the business needs to produce goods and services.
DEF:A businesses ability to put land, labour and capital together to create goods or services.
DEF: Natural resources that businesses use such as water, land or animal population such as fish.
DEF: The employees and their skills that are needed to produce and sell goods and services.
Why are they important?
They are important because they are resources needed to make goods and services.
Other ways to earn money
Why we work
DEF: Any reason not related to financial gain.
EG: Satisfaction, to help others or experience
DEF: Any reason related to financial gain.
EG: money or a company branded car or device.
What is it?
DEF : Retirment is where you stop working before or at the age of 65
How to earn money?
Types of work
Work from home
DEF: Working from home means you can still do your job while you are at home
DEF: Full time work is when you work more than 35 hours a week and get more money and you get more benefits.
DEF: Part time is when you work less than 35 hours a week you get a lower salary than full time and you don’t get the same amount of benefits.
DEF: Voluntary work is when you work for satisfaction or to help others but don’t get any financial benefits.
DEF: Casual worker means you only get paid the hours you work but get more payment than full time or part time and you have no guaranteed hours.
DEF: Internship is to be a student or uni students who want to gain experience, they are mostly unpaid.
DEF: Contract working means you get an assigned payment for the one project and no more.
Examples of entrepreneurs
Characteristics of entrepreneurs
Not giving up
Used others ideas
Working on entrepreneurs project
Working with a group to make our own business.
We created a business call LADIES RIDIN DIRTY.
My team was Lauren, Liz and myself created this business.
Revision for topic test
Why we work?
Material and non material reasons.
Types of work
Earning an income when we retire.
Worked on mindmap