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Economics and buisness History Year 8 Keiley roach - Coggle Diagram
Economics and buisness
History
Year 8
Keiley roach
6 key concepts
Economic - dealing with value within our lives
Specialism and trade - countries will specialise in types of products in order to have extra that they can trade for things they need.
Allocation and markets - the way scarce resources are distributed
among producers.
Making choices - people decide which two or more possibilities or alternatives is best.
Interpendence- relying on others to satisfy our needs and wants.
Scarcity - having unlimited needs and wants but unlimited resources.
What are they used for?
Economics play a huge role in our everyday life , by studying economics it helps us understand the past, future and current occurances
Markets in Australia
Types of markets
Stock market - a mechanism for trading exchanges.
Money market - the trade in short term loans between banks.
Bond market - financial market where participants can issue in new debt
Foreign market - currencies of different countries can be brought and sold.
Credit market - companies and government offer deb
t to investors
How do buisnesses set prices?
Buisnesses usually set prices based on what the consumer is prepared to pay.
The buisness world
Three types of common law
Common law - body of law created by judges
Statutory law - written law passed by a body of legislature
State / territory law - refers to state's
Rights and responsibilities
Rights - something you have to do
Responsibilities - something you dont have to do
Changing of the world
Factors of production
Capital - a machine or an object
Land - where it is originated from
Enterprise - having an idea of how to use the land
Labour - workers / services
Examples of factors of production
Enterprise - How to know how to make coffee
Capital - sowing machine
Land - trees
Labour - delivery service