Year 7 by Gillian Wallace https://padlet.com/jillnjimwallace/x6wauslken78 Economics Revision en-us 2018-11-22 00:04:49 UTC 2023-03-26 03:34:53 UTC hello@padlet.com Question 1 jillnjimwallace https://padlet.com/jillnjimwallace/x6wauslken78/wish/306872592 EXPLAIN the circular flow model.]]> 2018-11-22 00:07:19 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306872592 Question 2 jillnjimwallace https://padlet.com/jillnjimwallace/x6wauslken78/wish/306872604 What is the difference between needs and wants. Provide examples]]> 2018-11-22 00:07:27 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306872604 Question 3 jillnjimwallace https://padlet.com/jillnjimwallace/x6wauslken78/wish/306872638 What is supply and demand?]]> 2018-11-22 00:07:38 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306872638 Question 4 jillnjimwallace https://padlet.com/jillnjimwallace/x6wauslken78/wish/306873273 Provide examples of what happens to demand when the price goes up and down for a product.]]> 2018-11-22 00:14:37 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306873273 Question 5 jillnjimwallace https://padlet.com/jillnjimwallace/x6wauslken78/wish/306873298 Why do people work?]]> 2018-11-22 00:14:48 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306873298 Question 6 jillnjimwallace https://padlet.com/jillnjimwallace/x6wauslken78/wish/306873306 What are the different types of work?]]> 2018-11-22 00:14:54 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306873306 Question 7 jillnjimwallace https://padlet.com/jillnjimwallace/x6wauslken78/wish/306873319 Provide a skill or a characteristic of an entrepreneur.
One skill of an entrepreneur is demonstrating initiative.
this means they take action before others when they see an opportunity or problem that needs to be addressed. They keep up with changes, developing new ideas and acting on them to stay ahead of the competition and becoming or remaining leaders in their chosen field. the business environment is constantly changing, as fashion and trends change the needs and wants of consumers .]]> 2018-11-22 00:15:01 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306873319 Question 8 jillnjimwallace https://padlet.com/jillnjimwallace/x6wauslken78/wish/306873328 How does a producer respond to consumer demand]]> 2018-11-22 00:15:06 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306873328 Question 9 jillnjimwallace https://padlet.com/jillnjimwallace/x6wauslken78/wish/306873336 Provide a skill or a characteristic of an entrepreneur.]]> 2018-11-22 00:15:11 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306873336 Question 10 jillnjimwallace https://padlet.com/jillnjimwallace/x6wauslken78/wish/306873343 Provide an example of a company that has responded to a Health Conscious consumer demand ]]> 2018-11-22 00:15:17 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306873343 Question 11 jillnjimwallace https://padlet.com/jillnjimwallace/x6wauslken78/wish/306873359 Provide a skill or a characteristic of an entrepreneur.]]> 2018-11-22 00:15:21 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306873359 Question 12 jillnjimwallace https://padlet.com/jillnjimwallace/x6wauslken78/wish/306873370 Provide an example of a company that has responded to a Environmentally Friendly consumer demand ]]> 2018-11-22 00:15:30 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306873370 Question 13 jillnjimwallace https://padlet.com/jillnjimwallace/x6wauslken78/wish/306873390 Provide a skill or a characteristic of an entrepreneur.]]> 2018-11-22 00:15:38 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306873390 Question 14 jillnjimwallace https://padlet.com/jillnjimwallace/x6wauslken78/wish/306874184 Provide an example of a company that has responded to a Socially Responsible consumer demand ]]> 2018-11-22 00:22:37 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306874184 Question 16 jillnjimwallace https://padlet.com/jillnjimwallace/x6wauslken78/wish/306874537 What factors influence a business' decision to set a price?]]> 2018-11-22 00:24:59 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306874537 answer 2 charles https://padlet.com/jillnjimwallace/x6wauslken78/wish/306907798 the difference between needs and wants is that without your needs like food, water, clothes, and shelter you wouldn't be able to live but wants like xbox, VR, ps4, and tv you can live without.e.g you need water but you want it to be cold.e.g you need to eat but you want bbq/tomato sauce and salt.]]> 2018-11-22 04:51:41 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306907798 Answer 1 Madison https://padlet.com/jillnjimwallace/x6wauslken78/wish/306907983 The circular flow model is the movement of money and products in the economy. There are 4 sectors to the model, household-provide their labor to the business-, purchase of goods and services-buying products-, businesses-use your labor to make products-, and payment of wages and salaries-the money you earn from your job.]]> 2018-11-22 04:53:29 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306907983 Answer question 5- Tahlia https://padlet.com/jillnjimwallace/x6wauslken78/wish/306908056 There are 2 types of reasons to work. They are material and non material reasons to work. Material reasons is going to work to earn an income that can buy you a house, food, clothes anything you need. Non material reasons is the ability to gain skills and it is also helping others such as volunteer work to clean up a beach or help out at a retirement home. So people work for an income or just for skills/ helping.]]> 2018-11-22 04:53:59 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306908056 Answer question 4 - Sophia https://padlet.com/jillnjimwallace/x6wauslken78/wish/306908058
When the price goes up the demand goes down. For example when something happens to all the produce the price could be high because they need money, no one would want to buy something expensive so there would be no demand.

When the price goes down the demand goes up. For example an item at the supermarket went one sale everyone would want to buy it while it was cheap so the demand goes up.]]> 2018-11-22 04:54:00 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306908058 Question13 JoSH https://padlet.com/jillnjimwallace/x6wauslken78/wish/306908072 A skill from an entrepreneur is planning which is what goods and services business will provide or sell. ]]> 2018-11-22 04:54:06 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306908072 answer question 6 mac https://padlet.com/jillnjimwallace/x6wauslken78/wish/306908295 The different types of work, there are full time workers that work for a minimum of 38 hours per week, then we have part-time workers that work a minimum of 32 hours a week per week, then your casual workers, work maxinum of 24 hours per week. ]]> 2018-11-22 04:56:26 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306908295 Answer 8 Steele https://padlet.com/jillnjimwallace/x6wauslken78/wish/306908620 Producers make goods or provide services to earn money.Producers set the price of a good or service based on its supply or demand. producers think about what consumers want and the price consumers will pay.them they make a supply]]> 2018-11-22 04:58:59 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306908620 Answer Question 10 by Hayden https://padlet.com/jillnjimwallace/x6wauslken78/wish/306908764 Consumers in wealthier nations such as Australia have become increasingly conscious about the effects of their consumption of their physical health in recent decades. Many fast food chains such as McDonald's now offer healthier options in response to consumer demand.]]> 2018-11-22 05:00:17 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306908764 ANSWER QUESTION 5 - bY BRAEDYN https://padlet.com/jillnjimwallace/x6wauslken78/wish/306908938 People work for many different reasons, but the main reason is to earn an income. It is good for your health and wellbeing. You can get social interaction even when work is quiet. BY DLEGEND BRAE DOG]]> 2018-11-22 05:02:07 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306908938 Question 16 Answer Anonymous (Vik) https://padlet.com/jillnjimwallace/x6wauslken78/wish/306909049 The factors that influence setting prices is it is an unsuccessful business because if a business sets a price too high people wont want to buy it. Another reason people might change their prices is the resources they have sold in the past has gotten rarer to obtain, they will have to make the price higher due to its rarity. They might also change the price the price to compete with other businesses, because the business that sets the lower price will attract more customers

]]> 2018-11-22 05:03:30 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306909049 Answer question 3- Summer https://padlet.com/jillnjimwallace/x6wauslken78/wish/306909569 Supply is how much the market can offer and demand is is how much of a product a consumer desires. The quantity demand is the amount of product the people are willing to buy at a certain price]]> 2018-11-22 05:07:34 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306909569 answer Question 11-TylerProblem Solving https://padlet.com/jillnjimwallace/x6wauslken78/wish/306909741 A skill of an entrepreneur is Problem solving. A major part of an entrepreneur is having the ability to solve problems. it's usually in the process of solving problems that entrepreneurs come up with an idea for a business or organisation. this ability to problem solve is also important for keeping up with and responding to the business environment]]> 2018-11-22 05:08:42 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306909741 Answer 2 Kyra https://padlet.com/jillnjimwallace/x6wauslken78/wish/306909775  
Needs are something you need to survive like food, water and shelter. Wants are something that you don't need but desire to have like an iPad, Xbox or PlayStation. 
]]> 2018-11-22 05:09:00 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306909775 Answer Question 7: Himali https://padlet.com/jillnjimwallace/x6wauslken78/wish/306910162 Their planning skills because all sucessful entreprenurs that are famous now always had a plan in their heads before they were entreprenurs and did alot of talking and they had to change their plan so that it would fit their business]]> 2018-11-22 05:12:30 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306910162 q6 matt full-time work is when someone works a minimun of 38 hours per week. they recive a sick pay and a holiday pay every year https://padlet.com/jillnjimwallace/x6wauslken78/wish/306910253 2018-11-22 05:13:32 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/306910253 Question 12 Toby jillnjimwallace https://padlet.com/jillnjimwallace/x6wauslken78/wish/307144716 an example of a environmentally friendly company that responded to customer demand would be Toyota the car dealer they make hybrid cars which will lower the pollution in the earth and not waste the oil in the world because the run on oil.]]> 2018-11-23 01:26:00 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/307144716 question 1 Sean https://padlet.com/jillnjimwallace/x6wauslken78/wish/307144775 The circular flow of income is a neoclassical economic model dipicting how money flow through the economy. The economy is modeled as consisting of household and firms. Money flows to workers in the form of wages, and money flows back to firms in exchange for products. The circular flow model shows how consumers and produces rely on each other, or are interdep]]> 2018-11-23 01:26:32 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/307144775 Question 13 Josh jillnjimwallace https://padlet.com/jillnjimwallace/x6wauslken78/wish/307145332 an entrepreneurial skill is planning which entrepreneurs need to be able to plan in order to make their ideas a reality. we don't know what will happen in the future, possibilities. entreprenuers need to make plans and strategies order to turn their ideas into a real business . for instance they might plan : goods and services a business will provide and sell.

]]> 2018-11-23 01:31:38 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/307145332 Question 7 haylee jillnjimwallace https://padlet.com/jillnjimwallace/x6wauslken78/wish/307146235 Networking is the way people can build relationships with others that may be helpful in the future. It. can be useful for many reasons, Entrepreneurs can rely on contacts or connections to help them with funding or money to start their business. They can also build their business by developing relationships with their customers who then may recommend the business to others.]]> 2018-11-23 01:40:29 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/307146235 question 6 what are the different types of work? https://padlet.com/jillnjimwallace/x6wauslken78/wish/307659611 full time is when you work a minimum of 38 hours and once a year you get a holiday pay ]]> 2018-11-26 08:24:04 UTC https://padlet.com/jillnjimwallace/x6wauslken78/wish/307659611