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Hass
Economic
Economics Principles
6 Key Concepts
Making choices
It's when producers make choices about what the people/consumers want to buy to satisfy their needs and wants,
Allocation and Markets
Allocation refers to the way we distribute our scarce resources among producers. Market refers to the exchange of goods and services (or resources) among buyers and sellers.
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Specialisation and Trade
Specialisation refers to the way individual, a business or an entire country can focus on the production of particular goods or services in order to develop a more efficient and competitive production process. Trade is the ability to import or export goods or resources to or from another country.
Scarcity
It's the economic problem of having unlimited needs and wants, but limited resources available.
Economics performance and Living standard
Economic performance is the measurement of how well an economy doing (measured by Economist). Living standard can be material or non-material.
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Non-material living standards
Harder to measure and include things that may contribute to our happiness.
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Innovation
Competitive Advantages
Puts a company in a favourable, superior business position.
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Changing work environment
A changing work environment is going from one job you usually
do in your industry to a different job in the same industry
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Impacts of global events
The changes of business economy negatively or positively by global events. e.g. Corona Virus
Financial Risks
Protection strategies
- Identify the Risks
- Measure the Financial Risks
- Learn about Investments
- Build an Emergency Fund
- Invest in Your Skills
Investment
The act or process of making a profit by investing money.
Financial risk in investments is the uncertainty and/or potential financial loss inherent in an investment decision.
Scams
A scam is an unexpected or unwelcome contact, it's a dishonest
or fraudulent commercial activity.
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Imports and Exports
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Iron ore, Coal briquettes, Petroleum gas
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