https://padlet.com/lauren_healey1/g0ir4ngeny2qaaqx Made with swagger en-us 2020-07-22 04:01:27 UTC 2020-07-23 03:37:20 UTC hello@padlet.com lauren_healey1 https://padlet.com/lauren_healey1/g0ir4ngeny2qaaqx/wish/659816911 - Scarcity is the economic problem of having unlimited needs and wants, but limited resources available.

- Resources can be used in the production of goods and services to fulfill our needs and wants.

- The four categories that resources in economic and business are divided into are land, labour, capital and entrepreneurship.

- Our limited access to resources means we are not all able to have everything we need and want.

- An important part of economics is examining the decisions that result from our need to manage scarce resources. 

- In multiple countries around the world, water is an example of a scarce source.]]> 2020-07-22 04:05:43 UTC https://padlet.com/lauren_healey1/g0ir4ngeny2qaaqx/wish/659816911 https://padlet.com/lauren_healey1/g0ir4ngeny2qaaqx/wish/659819398 -For example, one competitor will be allowed to sell to, or bid on contracts let by, certain customers or types of customers.-Allocation refers to the way we distribute our scarce resource among producers. 
- The exchange of goods and services among buyers and sellers is refers to as markets  

-In such schemes, competing firms allocate specific customers or types of customers, products, or territories among themselves. 

-For example, one competitor will be allowed to sell to, or bid on contracts let by, certain customers or types of customers.  

-Markets use prices as signals to allocate resources  to their highest valued uses.

- Consumers will pay higher prices for goods and services

-


]]> 2020-07-22 04:09:17 UTC https://padlet.com/lauren_healey1/g0ir4ngeny2qaaqx/wish/659819398 https://padlet.com/lauren_healey1/g0ir4ngeny2qaaqx/wish/659823025 - interdependence refers to the way we rely on others to satisfy our needs and wants 

- in our economy participants such as producers, consumers, business and the government rely on each other to produce, specialise and consume good and services 

-  you are dependent if you: 
are not able to produce everything you need for yourself 

-  you are a consumer if you:
pay for goods and services 
to afford goods + services you rely on an income 
you work to earn an income 

-  businesses or producers rely on being able to to sell their goods and services to consumers so the can continue producing

-   consumers are dependent on producers ]]> 2020-07-22 04:13:50 UTC https://padlet.com/lauren_healey1/g0ir4ngeny2qaaqx/wish/659823025 lauren_healey1 https://padlet.com/lauren_healey1/g0ir4ngeny2qaaqx/wish/659823486 - Consumers make choices about what we want to buy to satisfy our needs and wants.

- To make a good economic decisions, we consider our options.

- Throughout our lives, we will be faced with many economic decisions, some may be financial choices, business decisions, employment decisions and legal decisions.

- Some choices we make result from the concept of scarcity.

- We can evaluate alternatives  by weighing up the costs and benefits of each to choose the option that is best for us.  ]]> 2020-07-22 04:14:30 UTC https://padlet.com/lauren_healey1/g0ir4ngeny2qaaqx/wish/659823486 https://padlet.com/lauren_healey1/g0ir4ngeny2qaaqx/wish/659826374 -economists measures how well an economy is doing, known as economic performance, using a wide variety of methods   

-some key indicators of what economics performances include 
-
 gross domestic product (GDP)- the total value of goods and services produced in a country over a year 

- inflation, the general increase in prices of goods and services 

-the unemployment rate, the percentage of people who are able to work 

- economics also measure living standards, can be material or non- materiel 

-most people in Australia has high material living standards because of there easy acees to food or services  


]]> 2020-07-22 04:18:07 UTC https://padlet.com/lauren_healey1/g0ir4ngeny2qaaqx/wish/659826374 https://padlet.com/lauren_healey1/g0ir4ngeny2qaaqx/wish/659835069 -  some countries are unable to produce the variety of goods and services required to support the population 

-  if a country is struggling to produce a good or service it can rely on trade 

- in Australia we have many valuable natural resources in particular gold, iron and nickel 

- gold, iron and nickel can be used to make money 

- this means we can sell resources to other countries

- in Australia one of our special industries is the mining industry  








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