. Flashcards
Scarcity
Scarcity is when there are limited resources to meet unlimited wants and needs. It means there isn’t enough of something (
Opportunity cost
The cost of the next best alternative use of resources
What are the three types of resources?
Labour, capital, Natural
Labour resource
managers, technicians, bakers
Globalisation
the process that involves all the countries of the world linked together resulting in an exchange of views, ideas, products and culture
economic system
a way of organising the production of goods and services
What do producers do
provide consumers with the goods and services
what do consumers do?
give producers money in return of buying goods and services
Globastion
the process of countries and cultures becoming more connected and interdependent through trade, communication, and technology
who are the participants of the Australian economy
Consumers, producers, government, financial institutions
examples of Australian exports
beef, wheat, education and travel services
examples of goods and services imported by Australia
cars and computers
natural resource
milk, sugar, wheat, eggs
capital resources
ovens, mixers, trucks, packing machines, chairs
interdependence
Interdependence is when countries, businesses, or people rely on each other for resources, goods, and services. What happens in one place can affect others, creating connections and influence between them.
