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Economics & Business- The study of the production, distribution and…
Economics & Business- The study of the production, distribution and consumption of goods and services in order to satisfy people’s needs or wants.
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Competitive advantage
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-usually, this involves finding unique strengths of ones business, and using them to beat the competition
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Economics
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Saving and investing
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Accounts
Transactions accounts- where we get paid into, this is usually linked to a debit card
where we store our money, this accrues interest
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C.E..L.L
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Future world of work
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risks: jobs may be less substantial, less stable, and bigger income gaps between the skilled and the unskilled
Opportunities: easier to start businesses, hold multiple jobs, work in specialised areas
Types of economies
market socialist economy- means of production are owned privately -government decides all three economic questions -doesn't exist in real life
planned capitalist economy- similar to a capitalist market economy except: -means of production is owned by the government on behalf of the people
market capitalist economy-producers exchange goods and services for money -means of production is owned privately
planned socialist economy- means of production are owned by the government on behalf of the people -government decides al three economic questions
Subsistence economy- producers are self-sufficient aiming to survive on and no more -usually, no need for money
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Risk profile
risk profile, how much risk each of us are willing to take when making an investment
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Scams
Charity scams
Scammer poses as a genuine charity and take advantage of a givers generosity (targets empathetic people)
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pyramid schemes
a hierarchal business setup where each paying participant recruits at least 2 more participants, whos funds are used to pay earlier particpants