Think About It
What is the calculation for TOTAL SAVINGS?
TOTAL INCOME - TOTAL EXPENSES = TOTAL SAVINGS
What is tax?
Tax is a contribution to the government by citizens, residents and visitors to fund public services, such as education, healthcare, roads and transport, defence and social services, that can help improve and protect the community.
Debt
a sum of money that is owed to someone
Money received from work done based on the number of hours worked (e.g. $50 per hour).
Wage
What is a supply chain? Give an example.
All the steps that provide a business with a product, including manufacturing, distribution, etc.
What are some changing work habits of the last decade?
* Working from home
* Using more technology
* Flexible hours
etc.
How do taxes help our communities?
Taxes are important to the community as they improve services that protect the community. Without this money, these services will be more expensive and unaffordable. The country will not be safe from crime and the defence of the country will be limited.
What is the circular flow of the economy?
How money moves throughout our economy from person to business (repeated).
As set amount of money paid to an employee per period (e.g. $1,500 per fortnight or $3,000 pet month).
Salary
What can disrupt a supply chain?
Global pandemics, natural disasters, limited fuel (impacts distribution/transport) etc.
How might work habits change in the future?
Increased use of AI? VR?
- various responses -
Examples of what tax funds/pays for?
Healthcare, emergency services, road maintenance, public infrastructure, etc.
What is a micro trend?
Micro trends are short-term or local changes that affect a small number of businesses and consumers.
Example: The rise of bubble tea shops in Brisbane.
Money that is earned from charging a household or business rent to occupy a building.
Rental income
What does supply disruption lead to?
Higher costs or product shortages.
How might trends present opportunities for businesses?
* Adapt and find better methods of working
* Attract more customers
* Be flexible and innovative
* Find a more extensive customer range/audience
* Personal satisfaction
* Lack of debt
* Ability to spend on 'needs'
* More chances to buy 'wants'
* Respect from others
* Don't need to rely on others
* More opportunities (e.g. kids, travel, ...)
etc.
What is a macro trend?
Macro trends are long-term, global shifts that affect entire industries or economies.
Example: The move toward renewable energy and sustainability.
Income from selling goods or services minus the cost.
Profit
What happens to prices when supply decreases but demand stays the same?
Increase
How might trends present challenges for a business?
* May not have skills (e.g. technology)
* Resistance to change
* Retraining of staff
* Change to traditions
etc.
What's important to do when budgeting? Be specific!
* Use specific values and categories
* Use technology to avoid mathematical errors
* Monitor your budget
* Prioritise your needs/need categories
* Plan for saving
etc.
LUCKY LUCKY
Free points to you and the lowest team!
Identify some changing consumer habits that have caused businesses to change in the last decade.
* Eco-friendly products
* Shopping online
etc.
How does the government use taxes to help people and businesses after an economic problem or disaster?
* Bonuses for companies hiring new apprentices e.g. in a building/housing shortage
* Relief payments
etc.
OH NO - TOO GREEDY
Choose the lowest value question instead!
OH NO - TOO GREEDY
Give 500 points to another team!
What does CBA stand for and what structure do you use?
CBA = Cost-benefit analysis
Structure:
* ISSUE - scenario, purpose, decision
* SIDE 1 - position, pros, cons
* SIDE 2 - position, pros, cons
* RESOLUTION - scenario, advice
LUCKY DIP: ANSWER FIRST.
Consumer habits stay the same across every generation. True or false?
False.
Answered correctly within 5secs = LUCKY (points given)
Took longer but still correct = UNLUCKY (points to lowest team)
Incorrect = UNLUCKY = take points from your team.Why might inflation lead people to change their spending?
Spending more on needs than wants.