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Economics and Business Year 9 Term 2, Scams, Definition, How it Works?,…
Economics and Business Year 9 Term 2
A scam is a form of dishonest action, based upon an invitation to participate in an activity.
Scams may come through phone calls from real people, robocalls, or text messages. Callers often make false promises, such as opportunities to buy products, invest your money, or receive free product trials. They may also offer you money through free grants and lotteries.
Here are some of the most common ways you can properly manage financial risk:
Carry the proper amount of insurance.
Maintain adequate emergency funds.
Diversify your investments.
Have a second source of income.
Have an exit strategy for every investment you make.
Maintain your health.
Always read the fine print.
Financial risks affect every business, and they are impossible to avoid, but a good financial risk management plan will allow you to reduce the impact and potentially avoid a negative outcome.
“Good” debt is defined as money owed for things that can help build wealth or increase income over time, such as student loans, mortgages, or business loans.
“Bad” debt refers to things like credit cards or other consumer debt that do little to improve your financial outcome. These are oversimplifications.
The four primary methods of gaining a competitive advantage are cost leadership, differentiation, defensive strategies, and strategic alliances.
Sustainable competitive advantage is the key to business success. It is the force that enables a business to have greater focus, more sales, better profit margins, and higher customer and staff retention than competitors.
In this age of Globalisation, all the countries of the world (big or small, rich or poor) are dependent on each for some resources or the other, thus and interconnected through trade relations. A few examples of such mutual cooperation are as follows: India exports spices and imports crude oil from Gulf countries.
Over time, the structure of the Australian economy has gradually shifted away from agriculture and manufacturing towards services, with the mining industry growing in importance recently. Economic activity has also shifted towards the resource-rich states of Queensland and Western Australia.
The changing work environment calls for an adaptive, agile, and more productive workforce. And freelancers seamlessly bring these characteristics into an existing, solid workforce infrastructure. Plus, the growing availability of talented freelancers is supportive of the trend.
Whether it's adopting a flexible work schedule or instituting a more virtual environment, the future of work may dramatically change. With automation and new technologies, companies will see a surge in productivity and efficiency levels, while employees could experience a better work-life balance.
Scams
Definition
How it Works?
Financial Risks
How to Manage?
Why to Manage?
Good/Bad Debt
Good Debt
Bad Debt
Innovation
How Companies Try/Create Competitive Advantage
Why Companies Try/Create Competitive Advantage
Participants in Global Economy
Australia's Economic Interaction Change
Work Environment
How Work Environment is Changing
How it Might Impact Future
