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ｅｃｏｎｏｍｉｃｓ　＆　ｂｕｓｉｎｅｓｓ - Coggle Diagram

- - - - Good debt
        
        Money borrowed is used to purchase something that will provide income or increase in value
      - Bad debt
        
        Used to purchase something that will decrease in value over time and/or will not earn an income.
- - - - worldwide business
    - - threatening the health and environment
      - not socially responsible
      - pollution
    - - make a profit
      - compete on a global scale
      - employment
      - help a failing business
- - - - Discrimination is the practice of treating a person or group of people differently from another person or group of people based on their personal characteristics
      - E.g. Promotions can't be withheld due to pregnancy or age
    - - The person must have been disadvantaged in the workplace due to one or more of the types listed on page 432
      - The discrimination must have results in an action being taken that was adverse (negative) to the person. Adverse actions include:
        
        Dismissing an employee
        
        Withholding legal entitlements such as pay or leave
        
        Making changes to the employee's job that disadvantges them
        
        Not hiring a job applicant
- - - - Resources that come from nature, from above or below the ground
    - - The intellectual or physical skills if a worker that are needed to make a good or provide a service
    - - Man-made resources
- - - - Types of scams
        
        ɪɴᴠᴇꜱᴛᴍᴇɴᴛ
        
        Involve getting you or your business to part with money on the promise of a questionable financial opportunity.
        
        ꜱᴋɪᴍᴍᴇʀ
        
        A form of white collar crime, skimming is slang for taking cash "off the top" of the daily receipts of a business and reporting a lower total
        
        ᴘʜɪꜱʜɪɴɢ
        
        Pretend to be sent on behalf of your bank asking for account details
        
        ᴄʜᴀʀɪᴛʏ
        
        Scammer poses as genuine charity and takes advantage of a giver's generosity.
        
        ʀᴏᴍᴀɴᴄᴇ
        
        Scammer takes advantage of someone looking for romance
        
        ᴘꜱʏᴄʜɪᴄ ᴀɴᴅ ᴄʟᴀɪʀᴠᴏʏᴀɴᴛ
        
        Victim may be told that they will be in some sort of trouble in 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.
      - Avoid being scammed
        
        Report to relevant authority
        
        SCAMwatch
        
        Bank
        
        Be suspicious
        Be cautious
        Be patient
        Be alert
        Be wise
  - - - Good
        
        Unsafe
        
        The problem if blown would have prevented the consumer from buying the item.
        
        Significantly different to sample or description
        
        Did not do what the business claimed it could or what the consumer asked for & can't be easily fixed.
      - Service
        
        Unsafe situation created
        
        The problem, if known would have prevented the consumer from buying the service.
        
        Substantially unfit for it's common purpose & cannot be easily fixed with a reasonable fine
    - - More Risky
        
        Photos can be difficult to see
        
        May not fit
        
        Never receive the item
        
        Faulty or worthless item
        
        Site set up to steal credit card details
    - - Australian Competition & Consumer Commission is Australia's competition regulator and national consumer law champion.
- - - - Offering the consumer a better price
        
        Lower prices are a way of enticing the consumer to buy goods and services.
        
        Businesses are able to offer consumers lower prices because they find ways to reduce the cost of making a good or providing a service.
        
        New technology may be used to cut labour costs, such as self-scan checkouts in supermarkets.
        
        Sourcing cheaper materials from suppliers may be another method of cutting production costs.
        
        Cost cutting is a way of reducing price of a good or service, businesses may accept lower profits in order to ensure continued sales and ultimately survival of their business.
      - Showing corporate social responsibility
        
        CSR requires a business to contribute positively to society, such as through environmental, economic or charitable initiatives.
        
        Companies such as The Body Shop and Thankyou, have made social responsibility a part of their business practice and branding.
  - - - Marketing
        
        Segmentation: dividing the market into groups or subsets
      - Business Processes
        
        Improves productivity
      - Business Culture
        
        Valuing innovation amongst itself
- - - - Natural resources such as coal
    - - Human resources such as workers
    - - Manufactured resources such as equipment
    - - Management resources: the skills or talents required to bring the other resources together successfully.