Global Economics
What is the difference between "import" and "export"?
Import is what countries BUY from other countries.
Export is what countries SELL to other countries.
Who is the richest person on earth
How do customers respond to higher prices?
Less likely to purchase; a decline in sales
True of False: Australia's economy is market based?
True
Name a way money can be invested
Buying shares, investing more in a super account, buying property, buying or trading cryptocurrencies, investing in businesses.
True or False: An economy exists within a geographical area?
True
What units have we completed so far in Humanities?
Biomes
Geography of Interconnections
Economics
If businesses have an oversupply of goods, what happens to the price for customers?
The price reduces and is made cheaper for customers
Supply is how much of something you have to sell and demand is how much or how many people want to buy it.
demand (what people want to buy) and supply (how much businesses can provide) in the market
You can save up for the things you want
You can protect yourself from financial risks.
What is Australia's largest export?
Iron Ore
What business start up is the movie, The Social Network, about?
What is the business term for when prices of goods and services go up?
Inflation
Who is Australia's richest person?
Gina Rinehart
Creating a weekly plan with your expenses and income can also be known as a?
Why do countries have to trade with other countries?
Countries only have limited resources, so they specialise in producing certain goods and buy everything else they need from other countries
What is the largest company in the world by market capitalisation?
NVIDIA
what are the four stages of the economic cycle?
trough, expansion, peak, contraction
How does Australia make money as a nation?
By selling goods to overseas buyers.
What is an example of a financial risk?
Scam, debt, identity theft, gambling, stocks, bad investments, ect.
What does "globalisation" mean?
the process that involves all the countries of the world being linked together, resulting in an exchange of views, ideas, products, and culture
ByteDance is a Chinese internet technology company headquartered in Beijing that is most famously the owner of what mega-popular social media platform?
TikTok
What is the name of the genre of speech you give when proposing a business idea?
Pitch or business pitch
1990s
What is a strength of having a budget?
It helps you to control your spending, track your expenses, and save more money
It helps you make better financial decisions, prepare for emergencies, get out of debt, and stay focused on your long-term financial goals