Please enable JavaScript.
Coggle requires JavaScript to display documents.
e c o n o m i c s, DEMAND is how much of something consumers want, THE LAW…
e c o n o m i c s
-
the market
THE MARKET is a term that refers to consumers and producers forming interrelationships
A market can also be a physical place where buyers and sellers make transactions
goods + services
-
SERVICES are intangible, unlike goods. They are instead actions done for consumers
Some examples of services are:
- Chef
- Hairdresser
- Taxi Driver
- Accountant
needs + wants
A NEED is something that is essential to our lives, and help us survive
-
A WANT is something that we desire, and isn't needed for our survival
Wants include:
- Luxury houses
- Expensive jewlery
- Designer clothing
-
-
types of businesses
SOLE TRADERS are business run by one person.
That person takes all respnosibility for fines, debts or any other financial matter.
They can also hire up to 20 people
A PARTNERSHIP is a business run by 2 to 20 people.
These people all take equal responsibility for financial issues, and split things between them evenly.
Partnerships also have ownership and control distributed
FRANCHISES are one business with different owners of locations?/
Anyone can be an owner of a frnachise location
They pay to use the brand's logo and name but the earnings from the location go towards them
types of economies
COMMAND ECONOMIES are economies that are controlled by the government, who make all the decisions.
They choose where and how to distribute money and answer the three economical questions
MARKET ECONOMIES are economies that have production and distribution choices based off of supply and demand, not the government's decisions. Most resources are owned by private citizens
MIXED ECONOMIES are a combination of command economies and market economies, where the goverment has some control but the businesses choose how to run their companies
TRADITIONAL ECONOMIES are economies that are run based on tradition and belief. Exchanging goods and services are done through bartering, which is a way to make transactions without money
sectors of the economy
THE FINANCIAL SECTOR is the sector made up of financial institutions like banks that provide financial services, like credit to households and businesses
THE GOVERNMENT SECTOR is how the governments (local, state, federal) are involved in the market, including thongs like taxes
THE OVERSEAS SECTOR is where we trade with other countries. This is what is called an open economy, as we make transactions with different places or countries around the world
-
-
THE AUSTRALIAN ECONOMY is anything to do with producing or consuming goods and services, and satisfying people's needs and wants
-
-
LABOUR is the manual work behind the production. It is the people hired to produce the product or service
-