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Economics - Coggle Diagram
Economics
Economics
Interdependence global trade
Due to globalization, countries have become increasingly more interdependent. Economic interdependence refers back to the relationships that are among countries, wherein every united states is depending on another for necessary goods or offerings.
Australia economic participants
consumers, producers, the government and financial institutions are the main 4 participants in the austalian economy
Main trading partners
China, Japan, the United States, the Republic of Korea, Singapore, New Zealand, the United Kingdom, India, Malaysia and Thailand
6 key concepts
specialisation and trade
Specialization is while a country or person concentrates its efficient efforts on producing a restricted style of items. It regularly has to forgo producing other items and is predicated on obtaining those other goods thru exchange
interdependence
Interdependence means that the corporations inside the marketplace have to keep in mind the possibly reactions in their opponents to any exchange in fee, output or sorts of non-fee competition
making choices
making choices is when you cant have everything you want and when you have to think about the oppotunity cost comparing it also with the cost of the choices with what benefits come with it
allocation and markets
A method by which the trade of goods and services takes vicinity because of customers and sellers being in touch with each other, either directly or thru mediating agents or establishments.The department of factors into stocks or portions
scarcity
scarcity is when people have unlimited wants and needs but with limited resources
economic performance and living standards
the average income of the communtiy
Australia changing trade over time
Over the past five years, import growth has averaged 4.7 per cent per annum in value terms
Suppy chain-The network of all the people, corporations, sources, sports and technology concerned in the advent and sale of a product
main export and imports-
1 Machinery (AUD$46.2 billion)
2 Mineral fuels (AUD$43.9 billion)
3 Vehicles (AUD$43.6 billion)
4 Electrical machinery and equipment (AUD$37.1 billion)
5 Medical/technical equipment (AUD$12 billion)
6 Pharmaceuticals (AUD$11.8 billion)
Innovation
Specialisation-Permits an worker to use their past job experience or education and revel in to streamline methods and growth income
Changing work environment-Gives the right growing situations on your agency to foster its particular surroundings to prosper and develop
Competitive advantages-Perceiving or coming across the new or higher way to compete in an industry and release them into the market. One of fulfillment factor relies upon on innovation's relative gain.
Impacts of global events-due to the global pandemic businesses have need needed to increase staff due to the increasing rates of the demands for the products.Some businesses were either unable to innovate during the crisis due to the barriers like lack of financial resouces, limited innovation options and most put survival of the business as their highest priority
Marketing strategies- essential aspects of the innovative market developing a prototype or change within product design and launching a new product or service in the processesof innovation
Impact of
marketing strategies-A method wherein businesses take an energetic position in the network, over and above their core venture as a business. In social impact advertising, a enterprise actively advocates for trade, or to develop a particular cause.
competitive advantages- a long-term plan of action that a organization devises closer to attaining a aggressive advantage over its competitors after inspecting the strengths and weaknesses of the latter and comparing them to its very own.
specialisation-is the key to the kind of innovation that drives growth and a nimble company.
changing work environments-Work environment elements have an impact on progressive consequences and, with the aid of extension, can facilitate the conversion of character creativity into innovation, thereby contributing to the achievement of organizational dreams
Importance-a major benefit of innovation is its contribution to economic growth, to put it simply innovation increases productivity which means that the same imput generates more output, and with the productivity increases results in more goods/services being produced
Financial Risks
Protection stratagies Keep your passwords and pin numbers in a secure place. Be very careful about how much personal facts you share on social media sites. Scammers can use your facts and images to create a fake identification or to goal you with a scam. Keep your mobile gadgets and computer systems comfy.
Investments-Financial threat is the opportunity of losing cash on an investment or business venture. Some extra commonplace and awesome monetary dangers include credit score threat, liquidity risk, and operational chance. Financial risk is a form of risk that may bring about the loss of capital to fascinated events.
Scams-A scam is a misleading scheme or trick used to cheat someone out of some thing, mainly money