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Economics and Business - Coggle Diagram

- - - - Business decisions (such as what to produce or where to sell a product)
      - Financial choices (such as how much money to save or spend)
      - Employment decisions (such as what career path to follow)
      - Legal decision (such as whether or not to take legal action over a faulty product)
  - - - Labour – human resources such as workers
      - Capital – manufactured resources such as equipment
      - Entrepreneurship – management resources such as the skills or talents to bring the resources together
      - Land – Natural resources such as coal and water
- - - - Classed as an extreme recession lasting two or more years
    - - When economic growth falls for two or more quarters in a row.
  - - - High-income earners – people with jobs whose incomes increase at the same rate or faster than inflation.
    - - Low to middle-income earners – people on incomes that do not increase as fast as inflation, such as part-time workers, the unemployed and pensioners
- - - - to all the eligible workers. Everyone who has a job plus those who are looking for us
    - - the percentage of people in the labour force who are unemployed
    - - all those people who are able and willing to work but cannot find a job
  - - - Loss of output
      - Loss of income
      - Not enough jobs/people working
    - - Leads to a loss of faith in the government
      - High levels of unemployment reflects poorly on the state and federal government
    - - Increased relationship tension
      - Homelessnes
      - Lower slef-esteem
  - - - Worker who business shut down either for a short period of time or permanently
    - - Occupations that are offered at particular times of the year
    - - Refers to the time spent in-between jobs
    - - Included those regarded as being virtually unemployable
    - - Refers to the loss of jobs resulting from mismatch of skills or machines replacing labour.
  - - - loss of income
      - loss of government revenue
      - increase government expenditure
    - - loss of faith in government
    - - Low self esteem
      - Lower living standard
      - Increase in crime and drug abuse
  - - - Education
        
        average of 508 on reading, literacy maths, and science test
      - Health
        
        life expectancy is 81 years
      - Income
        
        average household disposable income is 34 394USD per year
      - Environment
        
        91 percent of citizens say they are satisfied with their water quality
      - Jobs
        
        75% aged 15-64 have a job
    - - Income
        
        average household disposable income is 11 594USD per year
      - Education
        
        Fewer years of education for citizens aged 5 - 36
      - Health
        
        Life expectancy is 54 years
      - Environment
        
        67 percent of people say they are satisfied with their water quality
      - Jobs
        
        43% aged 15-64 have a job
- - - - Marketing methods that can convey the value of a good/service
    - - Different age groups and genders have different needs
    - - Agreement where money is lent to a borrower and must be repaid a later date
    - - items that save consumers time
    - - not all customers interested in paying the lowest for an item as it the pirce can reflect on it's quality
    - - Standards that provide guidance on what is considered right and wrong
      - Many consumers wish to purchase products that have been produced in a clean and ethical manner
- - - - Policies that affect a particular company, industry or market
    - - Policies that affect the whole nation
  - - - How efficiently resources are used
    - - Aims to provide the necessary labour resources to produce more goods and services
    - - Migrants provide skilled labour in areas needed in the economy
      - immigrants boost economic growth and therefore living standards