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Topic: How businesses can benefit from an understanding of elasticity.

What we know:
- Elasticity is the responsiveness of quantity demanded to a change in the price of a good or service.
- Less than 1: inelastic
- 1: unitary elastic
- More than 1: elastic
- Factors affecting elasticity of demand:
- Availability of substitutes
- Whether the good is a necessity or a luxury
- Proportion of income spent
Time

Inquiry Questions
- How different business react to changes in demand
- How often will businesses change their prices of products
- How do different factors of elasticity affect businesses, eg how does the factor of time affect McDonald's compared to Bunnings
- How does elasticity concern consumers
- Why is it important for businesses to understand elasticity

Links
http://smallbusiness.chron.com/use-elasticity-demand-business-management-problems-10523.html
http://www.enotes.com/homework-help/what-benefit-can-business-derive-from-an-295797
http://www.economicshelp.org/blog/301/concepts/understanding-elasticity/

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Topic: The Economics of Social Media

What do you know?
We know that social media is a very successful and popular way to advertise goods and services. Many companies give free products to popular instagramers so that they can advertise the products and companies through social media, resulting in a increase in demand. Social media has become a high priority in our lives, using a lot of online activity in almost everything we do. Social media can increase business popularity, can affect people views and ideas, and can impact certain issues in the world. Social media has created a platform for people to communicate and express types of concerns, ideas and beliefs they may have.

What would you like to find out?
We would like to understand how Facebook grows and makes a profit. We would like to understand this cycle of how Facebook and Instagram are multimillion dollar apps.

Inquiry Questions:
Why do people get paid for nothing?
How is social media growing businesses?
How it impacts what consumers demand?
How is social media driving the economy?
How is social media changing the democracy?

Links:
http://lejlabesic.blogspot.com/
http://www.theatlantic.com/technology/archive/2010/10/is-social-media-driving-the-economy/64780/
http://www.economist.com/news/business/21662543-people-spend-more-time-social-media-advertisers-are-following-them-brand-new-game
http://web.stanford.edu/~jacksonm/netsocialecon.pdf

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Topic: Economics in sport (Manchester United)

What we know: In soccer each club must make a sacrifice in putting there money to good use. Either buying new players or spending the money on staff and facilities. This is opportunity cost occurring in soccer. Recently Manchester United have spent big on new players, for the likes of Record breaking transfer Paul Pogba, Zlatan Ibrahimovic and Mkhitaryan.

What we want to know: What risks and sacrifices did Manchester United make when buying new players?

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GROUP:
Riley and Chloe

TOPIC:
The Kardashians (why do they earn so much? )

WHAT YOU KNOW:
A lot of people watch the reality tv show and get entertained. The Kardashians are a very wealthy family, there family conflicts, problems and humour keep people entertained. They have there own brand, stores and makeup. They have everything done for them.

Inquiry questions
Why are the Kardashians so popular?

How do they keep audiences entertained?

Does the reality show influence who buys there brands/products?

Who gets the most airtime?

Who's the most popular family member?

How does the show link to the success of there own brands (eg Kylie's makeup brand)

Why do they get paid so much?

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Topic: tax on soft drinks

What we know:
The aim of the tax is too reduce childhood obesity and lower unhealthy heart conditions such as heart attacks and strokes.
The tax would most likely lower demand but many consumers will probably still consume soft drinks unless the tax is incredibly high like the tax on cigarettes.

What we would like to find out:
How many people drink soft drink?
What percentage of soft drinks to other foods contribute to obesity?
What will be the new price of the soft drinks?
Will demand for other drinks such as coffee, tea and

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Topic: Celebrity endorsements
What we know:
- Companies endorse celebrities to gain more popularity and consumers
- By using celebrities more people will go to buy their product as they believe ''if this person has them' I will get them too to be just like them'
- celebrities might not believe what they are selling but do it for money.
- use celebrities to show off their new products and this can gain its popularity
- for example, when Kanye advertised adidas shoes, the buying rate increased as everyone wanted them to 'be like Kayne'

What we would like to find out/inquiry questions
- how much do the celebrities get paid to endorse a brand
- with what rate does the quantity demanded increase
- do the celebrities actully believe what they are saying
- do the celebrities that endorse the product actually own the product

Links:
http://www.adweek.com/topic/celebrity-endorsements
http://hrmars.com/hrmars_papers/The_Effects_OF_Celebrity_Endorsement_in_Advertisements.pdf

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Topic: Olympic Games
What you know:
- Worldwide competition
- Held every four years
- Held in a different city every year
- All the olympics is broadcasted on television
- There is a summer olympics and a Winter Olympics
- Summer olympics 2016  held in Rio de Janeiro.

inquiry questions:
1. How is Rio funding the olympics
2. How do the Olympic Games affect the economy positively?
3. How do the Olympic Games affect the economy negatively?
4. How much profit is made from the Olympic Games?
5. What economic problems are faced when preparing for the Olympic Games?
6. What problems are faced when hosting the Olympic Games Olympic games
7. How much does it cost to watch the olympics in person?

Links:
http://www.nytimes.com/2014/08/10/magazine/does-hosting-the-olympics-actually-pay-off.html?_r=0
http://journalistsresource.org/studies/government/infrastructure-government/economic-and-cultural-benefits-of-the-olympics-research-roundup
http://www.economicshelp.org/blog/29/sport/costs-and-benefits-of-the-olympics/
http://klou.iheart.com/features/rio-2016-summer-olympics-2331/articles/15/499481/jimmy-fallons-rio-olympic-pros-and-14982930/

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Topic: Economics of Sport
What we know: The sports team we are choosing is LFC and we are focusing on the economics of the team. Liverpool are a quality side football(soccer) team who are very popular in the world. Liverpool have to make choices on who to buy and sell on the transfer market which leads to opportunity cost. If they have the choice of buying Mario Gotzë or Sadio Mané and they choose to buy Mané the opportunity cost is missing out on getting Mario Gotzë in their squad who is a star international player. Also supply and demand affects Liverpool. If the price for Liverpool scarfs increases, the supply for them will increase. If a media report showing Liverpool beating Arsenal, the demand for Liverpool scarfs I'll increase because of the non price factor of media, trends and preferences.

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Topic: Sports Gambling
What we know: Sports gambling is very popular, you have to be over 18, there are lots of different betting companies, you can bet online, you can bet on e-sports
What you would like to find out:
- How much money they make per fortnight
- What is the maximum amount that the companies will let you gamble
- How does their profit fluctuate
Inquiry Questions:
What is the most popular sport to bet on?
1. Soccer
2. Cricket
3. Basketball
4. Hockey
5. Tennis
What is the average amount a person  bets?
How are the winnings taxed?
- In Australia, winnings are not taxed due to 3 main reasons, Not a profession, Viewed as good luck rather than income, the government taxes companies instead.
What are the annual profits for betting companies?
- Sportsbet $117M in 2015 rise of 54% compared to 2014
- Tab $5.9M in 2015 compared to 2014's 8.9M
Are there any favourited betting stores?
- William Hill $202.8M 2015 20% fall in profits from 2014
- Sportsbet
- TAB
- William Hill
What are the effects of betting on society?
- People lose money
- Addiction
- Influence on young people to bet
- Increased participation due to advertising

Links:
https://aifs.gov.au/agrc/publications/sports-betting-and-advertising/growth-sports-betting-australia
http://www.aussportsbetting.com/guide/intro/what-is-sports-betting/
https://www.themonthly.com.au/issue/2011/november/1320384446/jonathan-horn/caught-game

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Topic:Lotto
What you know:
-Low chance of winning
-A lot of people spend money on lotto
-In most first world countries
-Form of gambling

What I would Like to know
-Why do people spend money on lotto?
- The odds of winning?
-How is the powerball jackpot calculated?
- What is the largest amount of money spent in a year on lottery tickets?
-How many tickets are sold every draw?
-How much money do people spend on lotto?

Links:
http://www.sbs.com.au/news/article/2012/11/06/what-are-your-chances-winning-oz-lotto
http://www.ehow.com/about_6360721_powerball-jackpot-calculated_.html
http://money.cnn.com/2015/02/11/news/companies/lottery-spending/

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Topic: Olympic Games

What we know: we know that the Olympics is an international sporting competition held at a different country every four years. They strive to see the best athletes internationally competing

Rio Olympics, what we know:
-successful games having many viewers and sports
-USA won the medal tally
-Australia didn't do too well
-Rio public complaining as a lot of rio lives in poverty and they just spent a lot of money on Olympics and making the gap between rich and poor increasingly worse.

China Olympics- What we Know:
The China Olympics was held in Beijing in 2008, the Olympics had one of the most expensive total costs ever and was very successful in terms of venues and Vermonters. China also won the medal tally that year.
LONDON OLYMPICS-
What you know: The London Olympics cost approximately 8.77 billion pounds. Bids were placed several years beforehand on where the olympics would take place, the IOC takes into consideration the accommodation, tourism.

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Topic: Competition and lack of competition in a market

What we know: Competition is an important feature of a free market and allows prices to be determined by the laws of supply and demand and the whims of the consumer. A lack of competition allows monopolistic companies to arise which can lead to very high and unfair prices with little consumer choice.

What we would like to find out:what are the effects of a lack of competition on a the consumer and producer. Are there any benefits to a lack of competition? Are there any significant disadvantages for an abundance of competition in a market?

What does a lack of competition result in?  Do monopolies control the market when there is a lack of competition? Are the resultant consequences of a lack of competition in a market, similar to the consequences of a planned economy?

Examples in the Australian economy: Bunnings warehouse is an example of a monopolistic company in Australia. With the upcoming closure of Masters, Bunnings will be the only real competitor for those specific types of goods. This will allow Bunnings to raise their prices howsoever they wish as consumers have little choice to switch to another product. However an example of an abundance of competition is the market for specific brands of petrol. If Woolworths petrol raised their prices, then consumers would switch to another brand due to the large variety of choice and varied prices.

Links:https://economicsassist.wordpress.com/2013/06/03/advantages-and-disadvantages-of-perfect-competition/

http://www.economicsonline.co.uk/Competitive_markets/Competitive_markets.html

https://www.britannica.com/topic/monopoly-economics