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Term 3, Year 8 mind map - Coggle Diagram

- - - - .Graphical representation of flows of goods and money between to distinct part of the economy
  - - - A factor that organises other factors into a production unit to produce goods/service
      - business manager,
    - - People hired by businesses to work
      - Pilots, teachers
    - - Equipment and machinery
      - computer, tractor
    - - Physical space and the resource in it
      - Trees, minerals
    - - factors of production are the building blocks needed for the economy
    - - Factors of production are the resources used in creating and producing a good or service
- - - - Legal
        
        Responsibilities that business have to follow
        
        make sure the product works, pay taxes
      - Social
        
        Responsibilities business can choose to follow
        
        Environmentally safe product, Charity giving
      - Why do businesses need to be responsible?
        
        So they can get a good reputation, avoid getting into legal trouble
    - - Why do consumer need rights
        
        So consumers can fight back against businesses that did them wrong. Protect consumers from fraud and scamming business practices
        
        right to choose, be safe, be informed
    - - responsible consumer?
        
        Someone who researches the product they are gonna buy
      - legal responsibilies
        
        Buying legal products,
      - social responsibilitiy
        
        Buy environmentally friendly products, buy from good businesses
  - - - so the business can be successful
    - - Location
        
        where the business is opened
        
        Forrestfield, midland, wattlegrove
      - Target market
        
        certain group of people, potential customers
        
        people who like ice cream for ice cream shops
      - demographics
        
        age, gender, race
        
        European 10-30 year old men
      - Competition
        
        businesses that compete with other businesses for profit
        
        hungry jacks vs mcdonalds
- - - - what is it
        
        Sending information any where fast
      - what has caused it
        
        advanced technology
      - what effect might it have in the future
        
        People would be able to send information any where fast and communication would be effective
    - - What is it
        
        When the employee has the power to work at any time they want and anywhere
      - what has caused it?
        
        the advancement of technology and the type of job
      - what effect might it have in the future
        
        It would let employees have more freedom. Working would be easier and more people would work
  - - - what is it
        
        Intelligence made by humans to think like humans
      - how does it affect the working lives of people
        
        Ai could take over jobs and make lots of people jobless. AI can also help make jobs easier
    - - What does it mean
        
        Hiring workers by contract outside the supplier. workers outside the country
      - How does it affect the working lives of people
        
        In australia
        
        Australians would lose their jobs
        
        in other countries
        
        Lots of people would get jobs
- - - - Individuals who run their own business
      - House cleaning service
    - - 2 or more people run a business together
      - physician group
    - - operate under the established brand of another business
      - Mcdonalds
    - - made up of members that help run i, nobody owns it
      - farming
    - - a large company or group of companies authorized to act as a single entity and recognized as such in law
      - Apple, microsoft