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TERM 3 2020 HASS ECONOMICS AND BUSINESS - Coggle Diagram
TERM 3 2020 HASS ECONOMICS AND BUSINESS
WEEK 1 + 2
SIX KEY CONCEPTS
MAKING CHOICES
making choices is important to economics because you need to make decisions to run a business.
ALLOCATION AND MARKETS
allocation and markets refers to we distribute scarce resources among producers. it also refers to how we distribute goods and services to consumers.
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.
INTERDEPENDENCE
interdependence refers to the way we rely on others to satisfy our needs and wants.
SCARCITY
scarcity is the economic problem of living with unlimited wants and needs but limited resources.
ECONOMIC PERFORMANCE AND LIVING STANDARDS
economic performance and living standards affect each other because if the economic performance for a country is low (the country isn't rich), the living standards will be worse.
WEEK 3
CIRCULAR FLOW
it relates to interdependence by showing that the two sides of the economy depend on each other.
The circular flow model shows how households and businesses rely on each other.
FACTORS OF PRODUCTION
The factors of production are important because a business needs to have all of them sorted for their business to start running properly and for them to know what they are doing.
4 categories
Capital
any physical things used to produce goods and services.
machinery, computers, buildings.
Enterprise
a businesses ability to combine land, labor and capital to make a profit.
business manager, advertising consultant.
Land
natural resources businesses use to produce goods and services.
physical land, minerals, forest or animal population.
Labor
employees a business needs to produce, develop and sell goods and services.
factory workers, waitresses, teachers.
the factors of production are the four factors that together make a business. they help the business to gain profit and for the business to know what they are doing.
WEEK 4
revision for test.
Test on factors of production, the circular flow model and the six key concepts of business and enterprise.
WEEK 6
THE WAY WE WORK
OUTSOURCING
HOW DOES IT AFFECT THE WORKING LIVES OF PEOPLE?
outsourcing can make things easier for businesses, but it may make workers lives harder because they are getting fired and their jobs are being given to workers in poorer countries so that the businesses can pay each worker less.
Outsourcing refers to using outside supplier to provide goods and services.
ARTIFICIAL INTELLIGENCE
HOW DOES IT AFFECT THE WORKING LIVES OF PEOPLE?
AI affects people all over the world because robots and machines are being programmed to do new things everyday, so more and more jobs are being taken away from people and given to robots.
Artificial intelligence gives machines and robots the ability to think and act more like humans.
THE FUTURE OF WORK
RAPID COMMUNICATION CHANGES
it could make work even easier than it is now, in the future.
rapid communication changes is the way that the internet has changed how we work and communicate with each other.
the internet has allowed everyone communicate with each other easier than ever before.
FLEXIBLE WORK
rapid communication changes have also changed when and where we work.
flexible work is how we can work from anywhere at any time, as ong as we have a computer and wifi.
flexible work can influence where we work from, for example in the future, everyone might work from home for all office jobs.
WEEK 5
FACTORS THAT AFFECT A BUSINESSES SUCCESS OR FAILURE
4 FACTORS
TARGET MARKET
your target market is who you are aiming your good/service towards and who to advertise for.
the target market for gaming systems would usually be teenagers and young adults.
DEMOGRAPHICS
demographics is the ability to connect all of the other factors to make a business work. it is the research business owners do to know their target markets, location and competition.
demographics help businesses to find customers.
LOCATION
location is where you (physically) place your business.
a good location to put a fish and chips shop would be near the coast or even on the beach.
COMPETITION
competition is who you are competing against
the competition for Coca-Cola would be Pepsi
these factors need to be considered because they make a business work and determine how successful the business will be.
RIGHTS AND RESPONSIBILITIES
BUSINESS RESPONSIBILITIES
SOCIAL
socially responsible businesses always consider the impact their actions have on other people and on the environment and only do things that are good for the earth and others.
Ben and Jerry's is dedicated to making the world a better place, they are against GMO ice-cream and they support GMO labeling. they also openly opposed using the Recombinant Bovine Growth Hormone in cows because of its negative impact on family farming.
Businesses need to be responsible so that they do not ruin the earth, so that they are abiding by the law and so that they do not hurt anyone or anything.
CONSUMER RIGHTS
consumers need rights because if something goes wrong with the product or service and they get hurt or the product breaks, they need to be able to get their money back because the thing that they payed money for no longer does what it was intended to do. or they could even try to sue the business because they were harmed during the use of the product they purchased.
consumers have the right to a a repair, replace or refund for the product they have purchased after it has broken. consumers also have the right to cancel a service within a reasonable period of time and to get a refund because the company or workers haven't done the job they were going to be paid for.
CONSUMER RESPONSIBILITIES
LEGAL
it is our responsibility as consumers to learn about the product we wish to buy before purchasing it
we can do this by reading the product description carefully, researching products before buying them and by asking questions if it is required.
SOCIAL
socially responsible consumers are ethical and they consider how they can satisfy their wants and needs in the way that is least harmful to others and the environment.
to consume less is one way that people can become more socially responsible. consuming less can be turning off lights when you leave a room, having shorter showers and only watering your lawns at night when the water wont just simply evaporate
A responsible consumer is one that makes an effort to purchase goods and services that don't have a negative impact on others or the environment and who also learn about a product before purchasing it
WEEK 7
TYPES OF BUSINESSES
FRANCHISE
a person who sets up a shop with a well-known name and brand. that person then pays the original company a share of their profits so that they can use its name.
an example of a franchise is McDonalds.
COOPERATIVE
cooperatives are made up of many members that all help run the business, no one person owns it, they all help run it.
any group of people who work together to form a business.
PARTNERSHIP
two or more people who share a business, they share the profits and losses.
two or more people starting a cupcake business.
CORPORATION
corporations are separate from their owners and are also called companies. they are harder to set up than most businesses.
apple is an example of a corporation.
SOLE TRADER
A sole trader is someone who runs a business alone, someone who gets all of the benefits, and who has to pay for everything, including all of the debts
an example of a sole trader is a farmer who sells their produce at a farmers market.
BEGINNING OF THE BUSINESS PLAN PROJECT
IN CLASS ESSAY
I chose to do the second topic, 'discuss 2 consumer responsibilities and give examples of each.'
i wrote about the legal and social responsibilities that consumers have
WEEK 9
i worked on my mind map.
WEEK 8
WORKING ON BUSINESS PLAN
I made a café and book exchange, it is called Caple café and book exchange.
