Economics and Business Term 3 Economics is a branch of social science that…
Economics and Business Term 3
Economics is a branch of social science that studies the production, distribution, and consumption of goods and services. It studies how societies allocate their scarce resources and how people use their limited resources to satisfy unlimited wants.
6 key concepts
specialization and trade
Many countries around the world are unable to produce the variety of goods and services required to support the wants and needs of their population. When a country is unable to produce a good or service, it can import goods or services from other countries.
Interdependence refers to the way we rely on others to satisfy our wants and needs.
Making choices is an important part of economics. As consumers, we make choices about what we want to buy to satisfy our needs and wants.
allocation and markets
The concept of allocation refers to the way we distribute our scarce resources among producers. It also refers to the way we then distribute scarce goods or services among consumers.
Scarcity is the economic problem of having unlimited needs and wants, but limited resources available.
there are four factors of production
management resources: the skills or talents required to bring the other resources together successfully
natural resources such as coal or water
manufactured resources such as equipment
human resources such as workers
economic performance and living standards
Economists measure how well an economy is doing, known as its economic performance, using a wide variety of methods.
What is it?
A backpack that has a solar panel that charges things on the go
Why should people buy it
Our products offer you an easy solution to sustainable charging on the go
With our products you are guaranteed a comfortable solution to charging your phone or tablet on the go
Who should buy it?
Young adults and students
Our competition and how we are better
Our competition is other products on Amazon, along with other bags that have a similar use
Where are we planning on selling?
We are planning on sell on Amazon and eBay to begin with then, as we grow, we plan to sell in shopping centers and eventually, our own website
Small - $45
Medium - $95
Large - $145
Custom and delivery add on $5
Where will we advertise?
We are planning on advertising on social medias such as Instagram, Facebook and YouTube, on Google, and in the Newspaper
Example of what it will look like
What patterns and colours do we offer?
Colours - red, orange, yellow, green, blue, purple, pink, brown, black, white
Patterns - dots, plain, stripes, zigzags, rainbow
Scams are traps to dishonestly take a person’s money.
Buying or Selling
Scammers prey on consumers and businesses that are buying or selling products and services
Dating & romance
Scammers take advantage of people looking for romantic partners, often via dating websites, apps or social media by pretending to be prospective companions. They play on emotional triggers to get you to provide money, gifts or personal details.
Scammers impersonate genuine charities and ask for donations or contact you claiming to collect money after natural disasters or major events.
Jobs & employment
Jobs and employment scams trick you into handing over your money by offering you a ‘guaranteed’ way to make fast money or a high-paying job for little effort.
Scammers invent convincing and seemingly legitimate reasons to give you false hope about offers of money. There are no get-rich-quick schemes, so always think twice before handing over your details or dollars.
Don't be lured by a surprise win. These scams try to trick you into giving money upfront or your personal information in order to receive a prize from a lottery or competition that you never entered.
The five golden rules
Even if you have a trusting nature, be aware that others (particularly those that you don’t know well) may not be honest in their dealings with you.
Don’t give strangers your money, credit card or bank account details. Keep your credit and ATM cards in a safe place.
Don’t be pressured into doing something quickly. If you are interested in a deal, get a second independent opinion on what is being offered.
Check bank and credit card statements for any unexplained transactions.
Understand that there is little chance of getting rich quickly from a business scheme.