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Economics and Business - Coggle Diagram

- - - - Business Decisions (what to produce or where to sell)
      - employment Decisions (what career path to follow
      - Financial decisions (how much money to save and spend)
      - Legal Decisions (Whether to or not to take legal action)
  - - - Entrepreneurship
        
        Management resources such as the skills or talent required to bring the resources together
      - Labour
        
        human resources such as workers
      - Capital
        
        manufactured resources such as equipment
      - Land
        
        Natural resources (Coal and Water)
  - - - GDP
      - Inflation
      - Unemployment Rate
    - - Non material
        
        things that contribute to our happiness, such as freedom, low crime levels and access to facilities or free elections
      - material
        
        Refer to our access to physical goods and services
- - - - GDP decreases - Eco Shrinking
      - GDP increases - Economy growing
      - ABS releases GDP figures every quarter
      - Economists hope to see economic growth of 2% per year
    - - Better employment rates to earn wages
      - People able to spend money on a wider range of goods and services
      - More goods and services
      - Improvements in living standards
    - - Depression
        
        classed as extreme recession lasting two or more years
      - Recession
        
        when economic growth falls for two or more quarters in a row
      - Decrease in living standards
      - Economic growth falls
      - Decrease in available credit
      - Increase in unemployment
- - - - Business feeling confident about their future
      - Trading partners such as China performing well increase export demands
      - Consumers feeling confident about their future income and employment
      - low interest rates encouraging consumers to borrow more
  - - - Borrowers (Better to borrow with foxed interest rate)
      - Importers
      - High income earners
    - - Low to middle-income earners
      - Bank savers
      - Exporters
- - - - The loss of jobs resulting from mismatch skills or machines replacing labour
      - Self serve checkouts, banks machines, bricklaying machine
    - - refers to the time spent waiting for a new job in between finishing a job and starting another
      - This is usually voluntary and shortest duration
    - - Common during a recessive phase in the economy
      - Firms / Businesses respond by cutting down production and firing workers
      - During economic growth, consumers are not buying as many goods and services
      - During a global pandemic
    - - Occupations that are offered at particular times of the year
    - - Chronically ill, disability, unskilled
  - - - Unemployment are the people who are able and willing to work but cannot find a job
      - The unemployment rate is a percentage of unemployed individuals in Australia
      - Calculated by number employed divided by labour force and times by 100
    - - the labour force refers to all the eligible workers, Everyone who has jobs and those looking for one
- - - - Low levels of crime and discrimination
      - the environment
      - Freedom of speech
      - Literacy rate
  - - - Income
      - Gross Domestic Product
- - - - Animal rights (cruelty, testing on animals)
      - The environment (pollution, recycling)
      - Human rights (fair wages, fair working conditions)