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Economics - Coggle Diagram
Economics
Key Concepts
Goods
Tangible things that anyone wants or needs (hamburger, phone)
Services
Provided by other people, they are intangible and you don't physically own them (hairdresser, sports player)
Producers
Those who provide/create goods and services
Consumers
Those who purchase goods and services
Scarcity
Limited resources but unlimited wants
Specilisation
Focusing on a few main products or skills
Australia's Trade Relationships
History
Pre 1960's
Britain- We gave them agricultural products in return for machinery.
After 1960's / WW2
America became a major market for Australia's exports and is one of the biggest providers of services.
1970
The shift rom crops to rocks
An increase in demand for oil, coal, gold and gas, meant Australia could begin its new role as the mineral exporter.
Increased Role in Asian Market
Japan was Australia's new main trading partner until China swooped in. China is now the dominant destination for our exports.
Main Trading Partners
China, USA, Japan, South Korea and the UK.
Imports
Tourism, cars, petrol, technology, freight transport
Exports
Iron ore, coal, gold, natural gas, education, beef, wool, cotton, sugar
Scams
Protecting Yourself
Contact the ACCC
Have strong passwords
Be suspicious
Ask a friend
Don't give out personal information
Target Emotions
Charity
Using a fake charity to target people's generosity
Romance
Posing as a fake love interest to target loneliness
Psychic and Clairvoyant
Offer to tell someone's future and pose as a good luck charm
Money
Credit Cards
Cloning credit cards or stealing details
Phishing
Fake links asking for information
Investment
Phony investments
Business
Innovation
New products and ideas
Doing something better or more efficiently
Shipping, containers, iPhones
Advertising