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Economics and Business (Y9) - Coggle Diagram
Economics and Business (Y9)
Goods and services
Goods - A tangible item that someone sells
Services - A skill set that someone sells
GDP (Gross Domestic Product) - How much a country produces
Opportunity Cost - The good, service (or money) lost when making an economic decision.
Business
Innovation
New Ideas
New Products
Doing something better or more efficently
Key Concepts/Terms
Scarcity
Having limited resources and unlimited wants.
Goods/Services
Interdependence
countries or economies relying on each other for goods and services
Specialization
countries focusing on goods or services that they can produce
Producers/Consumers
Producers - people who make and sell products/services
Consumers - people who buy products/services
Wants/Needs
Wants are things that you don't require to survive but would like anyway
Needs are something that you require to survive.
Types of Scams
Romance Scams - Romance scams target lonely or depressed people to trick them into giving money to a fake significant other.
Health and Medical Scams - Health and Medical Scams offer quick, cheap and easy solutions to serious medical problems.
Identity Theft - Identity Theft is stealing another persons identity and using it for benefits.
Target
Money
Phishing - fake links asking for information.
Credit Cards - (I didn't get the definition so I'm guessing), stealing some ones credit card information and using it.
Investments - fake investments
How to Protect Yourself
Be Suspicious/Cautious
Ask a Friend
Research
Check the ACCC website
Call the police or authorities
Psychic - offer to tell someone's future for money.
Emotions
Romance - pretending to like someone to steal their information or money.
Charity - fake charities playing on generousity.
Types of Investments
Property - A property investment
Superannuation - The money set aside for when you retire (as you likely no longer have a job to give you constant money)
Equities - a share of a company that will increase or decrease in value depending on the companies value.
Interest Earning - earning interest off of loans or other things.
Australia's Trade Relationships
Australia's #1 Export is iron ore
Australia's #1 import is cars
Trading partners
Australia's Primary trading partners are (in descending order)
China, Japan, The United States of America, South Korea and Singapore
Globalisation
Positives
Increased access to goods and services
increase cultural awareness
Information and technology spread easier
Can lift people out of poverty
Negatives
Workers can lose jobs to countries with low cost labour
Globalization hasn’t protected labour, environmental or human rights
Globalization can contribute to cultural homogeneity
Globalization empowers multinational corporations
Supply Chain
History
1970's
1950's
1980's
Today (2020's)