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Economics and business, image - Coggle Diagram

- - - - Earning more
      - Spending less
    - - how soon we need the money
      - how much money we need
      - how secure will earning that money be
  - - - what you want and consider the cost
      - the amount of money that you can put aside per month
      - how long it will take to reach your goal
    - - Interest earning investments
        
        money is invested at a fixed rate of interest
      - Property
        
        where a property such as a house is bought in hope that it will increase in value
      - equities/stocks
        
        part ownership of a company, when the company makes profit, you do too
      - superannuation
        
        A method of saving for retirement
  - - - Interest based on just the principal
    - - Interest added to the principal, which is then used to calculate interest
- - - - when a scammer takes advantage of someone's generosity
    - - when a scammer pretends that something will happen to a victim and that they must pay to prevent it
    - - when a scammer takes advantage of someone looking for love
  - - - simulating a real business in order to gain access to your details, can be through emails or texts
    - - calls from a scammer saying there is a problem in order to get account details
    - - stealing of information form the magnetic strip of an ATM in order to create an illegal clone
  - - - suspicious
      - cautious
      - patient
      - alert
      - wise
- - - - Producers are self-sufficient. Money is not used nor gained
    - - individuals and businesses own their goods and services, but the government decides how and what to produce
    - - Producers exchange goods and services for money. Producers decide what to produce, the cost, and how to produce. The government has no involvement.
    - - similar to market capitalist, but the government owns the productive resources in circulation
    - - the governemnt is in full control on what to produce, how the produce, and whom to produce to. the productive resources are also owned by the government
  - - - Goods and services produced overseas and sold to Australia
    - - goods and services produced locally and shipped overseas
  - - - The steps that go into making a good/service
    - - When wealthier countries move the manufacturing process of a good.service to another poorer country with less minimum payand other benefits
    - - A brand or company that exists on a global scale [like McDonalds or CocaCola]
    - - Natural disasters can have an impact on the global economy [when japan had a tsunami that slowed down production of cars for Australia and other parts of the world
    - - The process of the world becoming increasingly interconnected as a result of massively increased trade and cultural exchange
  - - - when a business gains an advantage that manages to outperform other similar businesses in the same market, usually due to innovation
    - - Changing an existing good/service to make it more effective
    - - When a business contributes positively to society through environmental, economic or charitable initiatives, in order to gain a competitive advantage