The economic problem of having unlimited needs and wants, but limited resources available

Capital: manufactured resources such as equipmemt

Entrepreneurship: management resources: the skills or talents required to bring the other resources together successfully

the choices we make about what we want and need, these decisions can be big or small.

Business Decisions: what to produce or where to sell a product

Employment Decisions: what career path to follow

Legal decisions: such as whether or not to take legal action over a faulty product

where businesses or entire countries can focus on the production of a particular good or service in order to develop a more efficient and competitive production process

refers to the way we rely on other to satisfy our wants and needs.

Businesses or producers rely on being able to sell their goods and services to consumers so that they can continue producing

Consumers we must pay for goods and services to meet our needs

The way we rely on others to satisfy our needs and wants

using wide variety of methods to measure our economy so we understand how people are living

The way we distribute our scarce resources among producers. The way we then distribute scarce goods or services among customers

stealing information from the magnetic strip of an ATM or credit card so that a clone of your card can be produced and used legally

the scammer takes advantage of someone looking for romance

Victim may be told that they will be in some sort of trouble in future. They have to pay for something like a lucky charm, or be threatened by a curse if they don't pay fee to the scammer.

scammer poses as a genuine charity and takes advantage of givers generosity

call from scammers that ask you for money, saying that there is something wrong with your accounts and asks for your details

stimulating a real business in order to gain access to details

emails that pretend to be sent on behalf on your bank asking for account details

Producers are self sufficient aiming to produce enough to survive

Producers exchange goods and services for money

Government decides all three economic decisions

Means of production is owned by the government on behalf of the people

Means of production are owned by the government on behalf of the people

Government decides all three economic questions

a group of authority who set rules that ensure economy acts fairly

Responsible for taxes in order to provide services for consumers and producers

Provides services to assist producers and consumers to trade, save and borrow

Australian people can hire people from overseas vice versa

used to communicate rapidly with the entire world

people coming from overseas to Australia for a better quality of life

links between activities required to connect product/service to a consumer

Outsourcing- when a company uses resources outside of their business in order to lower costs

Price: finding ways to lower the cost of the product or service

Marketing: finding new ways to bring attention to the product/service

Corporate Social Responsibility: businesses ethical duty to contribute positively to society

Quality: improving the characteristics of the product

Enterprise skills: transferable skills that enable young people to engage with a complex world

Technical skills: skills/qualifications specific to a task or industry

Opportunity: easier to start a business, hold multiple jobs, work in specialised areas

Risks: jobs may be less substantial, less stable, and bigger income gaps the skilled and unskilled

Changing an existing process or product to become more effective

Positioning: creates a distinct image for the product that differentiates it from other similar products on the market

Segmentation: dividing the market into groups of consumers who have common needs and characteristics

Investing: putting money into a commercial venture with the expectations of making profits

Risk profile- how much each of us are willing to take when making an investment

where money is invested for a fixed term at a fixed rate of interest

Possession if things where purchasing is for the aim of increasing the value

Simple interest: interest based on just the principal amount= principal(1+rate+time)

Compound Interest: interest added to the principal, which is then used to calculate interest.

Interest rate: the % offered in return for the investment

Good Debt: money is borrowed and 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 income

a hierarchal business where each paying participants get other people who funds are used to pay earlier participants