Markets, interdependence, making choices and allocation
Explain how markets allocate resources in Australia and describe the interdependence of consumers, businesses and the government as a result of their involvement in the market.
Identify how consumers and businesses influence and respond to each other in the market.
- Questioning and researching
- Communicating and reflecting
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brief, basic information laid out in an easy-to-read format. May use informal language. (Includes most news articles)
provides additional background information and further reading. Introduces some subject-specific language.
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Economics is concerned with the production and distribution of goods and services. Goods would be defined as anything that anyone wants or needs. Services would be the performance of any duties or work for another; helpful or professional activity. The distribution of goods and services is referred to as marketing. The marketing of goods and services can add almost as much to the cost as the actual manufacturing of the goods. Marketing a product refers to the advertising, and other efforts to promote a products sale.
There are many different kinds of goods. Consumer goods are those such as food and clothing, that satisfy human wants or needs. Producer goods are those such as raw materials and tools, used to make consumer goods. Capital goods are those such machinery, used in the production of commodities or producer goods.
There are untold numbers of services. A short list would include educational, health, communication, transportation, social services.
Goods And Services. (n.d.). Retrieved August 15, 2017, from http://www.mcwdn.org/ECONOMICS/GoodService.html
Teaching Financial Literacy To Kids: Goods And Services
Goods and services are one of the most basic ideas in economics. Economics is the study of how resources are used to provide goods and services, and how they are made, distributed, consumed and exchanged.
Difference between Goods and Services
Key Difference: Goods are considered as tangible objects. Services are intangible commodities that cannot be touch, felt, tasted, etc.
Teaching Financial Literacy To Kids: Needs And Wants
Needs are things that we must have in order to survive - things we truly can’t be without. Wants, on the other hand, are things that we would like to have, but that are not necessary for survival.
Difference Between Needs and Wants
We all know that economics is a social science, which deals with production, distribution and consumption functions. It is all about making choices regarding the allocation of scarce resources, so as to make their best possible use and satisfy human wants and needs.