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HASS: Economics, Income is how much money you make for doing a job,…
HASS: Economics
Money and Tax
Tax
Taxes are mandatory contributions levied on individuals or corporations by a government entity
Taxes are used by paying for services like education, health, roads and railways.
Wage is the amount paid for labour contribute to a production
Market
The exchange of a Good or Service
Good- A physical item that could be a need or want
A need is something that you absolutely need and is essential for living
An example of a need is food or water
A want is something that only you want/desire and is not needed for basic living
An example of a want is an iPhone or Ipad
Service- A service is a job that someone can do for you
An example of a service is a waiter or hairdresser
Consumers and Producers
Producers are the ones who provide a good or service
Well known Australian companies/ brand
Kmart, Woolworths, Bunnings and Telstra
Consumers are the people who buy the good or service
Consumers buy these things to satisfy their wants and needs
Supply and Demand
Supply is the amount of an item a producer has
Demand is the amount of people who want an item
Surplus is when you have more stock then the demand of an item
Equilibrium is when the supply an demand for an item is balanced
Scarcity is when a specific item is short in supply
Factors of production
Labour
The people who provide a service for you
Capital
Items like machinery that can be used to make goods
Land
Natural resources that producers use to make their item
Enterprise
Anyone who is engaged in a type of economic buisness
Three main types of economy
Command Market
the central government dictates the level of production of goods and controls their distribution and prices.
Mixed Market
a system that combines aspects of both capitalism and socialism
Free Market
an economic system in which prices are determined by unrestricted competition between privately owned businesses.
Income is how much money you make for doing a job
Salaries are specific payments given to workers over a year