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Economics and Business - Coggle Diagram
Economics and Business
Key Concepts
Making Choices
in order to make good economic decisions, we must consider out options
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Specialization and trade
refers to the way an individual can focus on production of a particular good to make it more efficient and competitive production process
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Inflation
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Rising prices means consumers must pay more for G&S's if they want to continue to maintain their standard of living
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Unemployment
Causes of Unemployment
When the Gross Domestic Product is weak meaning money spent on Goods and Services are less, meaning there is less demand for jobs
The increase of competition overseas, meaning less income for Australian businesses
Types of Unemployment
Structural Unemployment
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Self serve checkouts, banks machines, bricklaying machine
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Cyclical Unemployment
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During economic growth, consumers are not buying as many goods and services
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Hardcore Unemployment
Chronically ill, disability, unskilled
Measuring Unemployment
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Labour force
the labour force refers to all the eligible workers, Everyone who has jobs and those looking for one
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