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Economics
Year 7 - Coggle Diagram
Economics
Year 7
Week 6 & 7
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Company profile
An company profile combines narrative information with selective business and financial data to provide an overview of the economic landscape of an industry, business sector, city, region or nation.
Target market
Target market is the end consumer to which the company wants to sell its end products too.
Company branding
The marketing practice of creating a name, symbol or design that identifies and differentiates a product from other products.
Pricing strategies
Pricing strategy refers to method companies use to price their products or services.
Business idea
A business idea is a concept that can be used for financial gain that is usually centered on a product or service that can be offered for money.
Competitor analysis
Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors.
Week 5
Internship
The position of a student or trainee who works in an organisation, sometimes without pay, in order to gain work experience or satisfy requirements for a qualification.
Voluntary workworking, done, or maintained without payment.
Contract work
Contract work is often undertaken for a specific length of time, such as a 3, 6 or 12 months contract. Contracts can be fixed-term or renewable and contractors are aware of the expected duration of their contract and when it is due to end.
Types of employees
Part time
part time is a type of job that is done for less than the normal amount of hours invested, or for less than the full duration that it is normally done
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Full time
A full-time employee has ongoing employment and works around 38 hours per week. The exact hours of work are usually set out in an Award or in the contract with the employer.
Working from home
Working from home means an employee is working from their house, apartment, or place of residence, rather than working from the office.
Superannuation Regular payment made into a fund by an employee towards a future pension.
Week 3
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Services
Service is a transaction in which no physical goods are transferred from the seller to the buyer.
ScarcityScarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants.
Economics Problem
Economics problem is an economy's finite resources are insufficient to satisfy all human wants and needs.
Opportunity Cost
Opportunity cost is the return of a foregone option less than the return on your chosen option.
Week 2
Resources
Enterprise
Enterprise is factor of production that organises the other factor of production into a production unit to produce a good / services. it undertakes all the inherent risks in the hope of making a profit. (business making smart decision
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Week 8
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Wage different man, women, Bias
This could due to sexism or because most mother has to look after their children
The glass ceilingYou can see it but you can't get there.
Week 1
What is Economics
Economics is a social science concerned with the production, distribution, and consumption of goods and services.
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The branch of knowledge concerned with the production, consumption, and transfer of wealth.
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Week 4
Factors of production
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Land Anything supplied by nature which help in the production of output/creation
of wealth.
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Capital Anything man made which is used to produce goods and services/wealth
Socially Responsible Consumers
Findings from an online survey revealed that consumers who valued
self‐transcendence (e.g., benevolence and universalism)