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Economics & Business - Coggle Diagram

- - - - Decided based on what consumers want and are willing to pay
    - - Solved by producer choosing the most cost effective method of production
    - - Producers exchange goods and services with consumers in return for money. This takes place in a market (may or may not be physical). The majority of productive resources are owned by individuals and firms
  - - - Government determines this. May be directed to areas the government sees as desirable, such as defence. As a result, shortages of consumer goods may occur
    - - Government determines this
    - - Production takes place in line with the governments long and short-term plans. The majority of productive resources are owned by 'the state'.
  - - - Depends on what is available through hunting, gathering and growing food
    - - Custom and religious beliefs influence this
    - - Producers are self-sufficient, producing enough to survive, rather than making a profit. Money is not used
  - - - Government determines this
    - - Government determines this
    - - Individuals and firms own the productive resources but the government determines the responses to the economic questions
  - - - Government decides based on what consumers want and are willing to pay
    - - Solved by the government choosing the most cost-effective method of production
    - - Productive resources are mostly owned by the government on behalf of the people of the country
- - - - Employment
      - Helping a failing business
      - Make a profit
    - - Pollution
      - Not socially responsible
      - Threatening the health and environment
- - - - Charity scams
        
        Scammer poses as a genuine charity and takes advantage of a givers generosity
      - Romance scams
        
        The scammer takes advantage of someone looking for love
      - Psychic and clairvoyant scams
        
        Victim may be told that they will be in some sort of trouble in the future. they may have to pay for something like a lucky charm or be threatened by a curse if they don't pay a fee to the scammer
    - - Phishing emails that pretend to be sent on behalf of your bank asking for account details
      - Phone calls from a scammer informing you that there is a problem with your account,
    - - Be alert
      - Be wise
      - Be patient
      - Be cautious
      - Be suspicious
  - - - Your personal information number (PIN) should be kept safe at all times
    - - Most people have a transaction account
      - Some have a savings account
    - - EFTPOS fees
      - ATM fees
      - Phone and internet banking fees
      - Exectional fees
  - - - Unsafe situation created
      - The problem, if known, would have prevented the consumer from buying the service
      - Doesn't meet the specific purpose asked for and cannot be easily fixed within a reasonable time
      - substantially unfit for its common purpose and cannot be easily fixed within a reasonable time