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Term 2 Mind Map - Coggle Diagram
Term 2 Mind Map
Economic Factors
Choices
Specialisation and Trade
Economic Performance and Living Standards
Scarcity
Allocation or resources and markets
Interdependence
Tax Rates
Unemployment - are getting better but still bad
Employment Rates
Income
Salary - monthly/fortnightly pay
Wage
Fulltime 35+ hours
Part-time is working less then 35 hours and small annual leave
Casual No certain hours and 25% higher rate the full/part time work.
Unpaid Work - often jobs around the house
Voluntary work - work without money
Annual Leave - certain leave for full-time workers.
Rental Investments
Shareholders- owning more than 1 part of a company
Share Market
Cryptocurrency
Bitcoin - cryptocurrency
Alternative Income
Businesses
Shares
Creativity
originality
Risks U may need to risks things for your business.
3 out of 4 businesses in australia fail within the first 5 years.
Production Factors - Minecraft
Land - For our Minecraft Farm
Labour - The workers on the farm
Capital - milkers for cows
Entreupreneurship - daily deals and memebrships.
Marketing Factors
Promotion - free choc milk with seniors card
Price $6 for 1l of choccy milk.
Place Harvey The Big Choc Farm
Product - chocolate milk
Share Market
Alternative Income is another way to earn money other than full time work/partime or casual
