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TERM 3 ECONOMICS - Coggle Diagram
TERM 3 ECONOMICS
KEY CONCEPTS
Economics - the study of production (making), distribution (giving out) and consumption (using) of goods and services.
Interdependence - the way we rely on others to satisfy our needs and wants. we can describe this through the circular flow. individuals give businesses expenditures and labour, in return they receive goods and services and income.
Specialisation & Trade - Trade refers to how other countries importing/ exporting goods and service. specialisation is how a business, individual or country focuses on the production of the certain good or services.
Allocations & Markets - markets is how we distribute (allocate) goods and services between buyers and sellers. the market is mainly run by the idea of supply and demand.
Making Choices - refers to how we decide what to spend our limited resources on. these are known as consumer decisions. in addition to consumer decisions people must also make:
business decisions- produce
employment choices - work
legal choices - if you should take action over a faulty product
Economic Performance &Living Standards - economic performance is how economists measure how well an economy is doing, some key factors of this are gross domestic production (GDP), inflation and unemployment rate. living standards also contribute to economic performance non materialistic standards refer to how happy the population is this data is collected via surveys. materialistic standards are the access people have to goods and services and how well their needs and wants are satisfied.
Scarcity -the economic problem of having unlimited needs and wants but limited resources. for example; water, land and sugar.
the four factors of production are;
Capital - manufactured resources such as equipment
Enterprise - management skills that bring the other factors together and create businesses.
Land - the natural resources
Labour - workers
KEY VOCABULARY
ECONOMICS
a branch of HASS that studies the production, distribution and consumption of goods and services.
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SERVICES
skills, expertise offered by others - intangible
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5 ECONOMIC SYSTEM
TRADITIONAL
it relies on costumes, history, and time- honoured beliefs, these societies depend on; agriculture, fishing, hunting, etc. they barter instead of using money
PLANNED CAPITALIST
individuals and firms own the productive resources but government decides the what to produce? how to produce? whom to produce for?
MARKET CAPITALIST
a system in which private individuals or businesses own capital goods. production of goods/services is based off of market
PLANNED SOCIALIST
consists of a mixture of public ownership of the means of production, coordination of production and distribution of production through state planning
MARKET SOCIALIST
the productive resources are owned by government but individuals and firms decide the 3 economic questions
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Globalisation
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why it's important
it allows us to get things that we wouldn't have been able to produce in our own country, like cars, also to earn more income from other countries and communicate with family and friends overseas.
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Australian globalisation
trade with other countries. foreign direct investment ($$ from other countries directly). Australians work overseas and others work in Australia. tech- quickly and efficiently talk with costumers all over the world. migration - settlers in Australia
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Scams
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emotional
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romance - scammer takes advantage of people looking for love. they will usually take photos form thee internet and use them to set up fake accounts on dating sites
psychic - victim is told they will have trouble in the future if they don't buy a certain lucky charm or pay a fee for a "spell"
investment/ online
phishing - emails sent from"bank" asking for account details. send out 1,000's of emails
account problem - call from scammer saying there's a problem with your account. they will ask for your account details
victims
scammers will aim for people who are vulnerable this means people who are perhaps lonely, not good with technology (this can be elderly people)
how to protect yourself
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be patient
don't be pressured into doing something quickly, get a second opinion
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be cautious
don't give strangers your money, credit card or bank account details