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BUSINESS & ECONOMICS - Coggle Diagram

- - - - To make a good choice; evaluate alternative, weigh up costs & benefits to choose best option.
      - Financial Choices
      - Business Decisions
      - Employment Decisions
      - Legal Decisions
- - - - Scammer poses as genuine charity & takes advantage of giver’s generosity.
        
        Targets empathetic people.
    - - Scammer takes advantage of someone looking for romance.
        
        Targets young men, old women.
    - - Fortune teller victim told they will be in trouble in future, may have to pay for something like lucky charm or be threatened by curse if don’t pay fee to scammer.
        
        Targets people from diverse cultural backgrounds.
    - - PHISHING
        
        Simulating real business to gain details.
        
        Emails pretend to be sent on behalf of your bank asking for account details.
        
        Texts encouraging you to click dodgy links.
      - PHONE SCAMS
        
        Calls from scammer informing you there’s a problem & asks for account details, passwords etc.
      - CARD SKIMMING
        
        Stealing information from magnetic strip of ATM or credit card so that a ‘clone’ of your card can be produced & used illegally.
  - - - Have awareness.
    - - Don’t give strangers money, credit card info etc. Keep credit & ATM cards in safe space.
    - - Don't be pressured, get second opinions.
    - - Check bank statements for unexplained transactions.
    - - Understand there’s little chance of getting rich quickly from business scheme.
- - - - Increase savings by earning more & spending less.
  - - - ASSESSING RISK PROFILE
        
        How much risk each of us are willing to take when making investment.
    - - EQUITIES/STOCKS
        
        Sharing ownership of a company.
      - PROPERTY
        
        Land/housing is purchased.
      - SUPERANNUATION
        
        Savings for retirement.
      - INTEREST EARNING INVESTMENTS
        
        TERM DEPOITS
        
        Money invested for fixed term at fixed rate of interest.
        
        BONDS
        
        Money is lent to government or company, at agreed interest rate for specific amount of time.
  - - - SIMPLE INTEREST
        
        Interest based on JUST the principal.
      - COMPOUND INTEREST
        
        Interest added to the principal, which is then used to calculate interest.
  - - - Money borrowed is used to purchase something that will provide income or increase in value.
    - - Used to purchase something that will decrease in value overtime and/or will not earn an income.
- - - - RISKS
        
        Jobs may be less substantial, less stable, and bigger income gaps between the skilled and the unskilled.
      - TECHNICAL SKILLS
        
        Skills/qualifications specific to task or industry (cashier, customer etc)
      - OPPORTUNITIES
        
        Easier to start business, hold multiple jobs, work in specialised areas etc.
      - ENTERPRISE SKILLS
        
        Transferrable skills that enable young people to engage with a complex world and navigate the challenges they will inherit (teamwork, communication, customer service).
- - - - PRICE
        
        Finding ways to lower cost to consumers (or at least make the cost less than the competition).
      - MARKETING
        
        Finding unique ways to bring the good/service to consumers attention.
      - CORPORATE SOCIAL RESPONSIBILITY
        
        Businesses ethical duty to contribute positively to society.
    - - Quality
      - Aesthetics
      - Performance
      - Features
      - Reliability
      - Conformance
      - Durability
      - Serviceability
      - Perceived Quality
- - - - Process - how it's made
      - Output - what is made
- - - - A problem that would have prevented consumer from purchasing.
      - Unsafe or significantly different from description.
      - Didn’t do what business claimed it could do or what consumer asked for, and can’t be easily fixed.
      - SERVICE
        
        Problem would have prevented customer from purchasing.
        
        Service performed is unfit for common purpose & cannot be fixed in reasonable time.
        
        Unsafe.
      - OTHER CIRCUMSTANCES
        
        Signs stating no refunds are illegal.
        
        RESOLVE
        
        Take up dispute with business.
        
        If not resolved, file dispute with state's consumer protection agency.
- - - - MANUFACTURING
        
        MARKETING & ADVERTISING
        
        DISTRIBUTION
        
        RETAIL