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Name 2 costs of globalisation
Increases competition for some jobs, outsourcing, environmental
Name 2 benefits of globalisation
More choices for consumers, cheaper goods, more jobs
How does division of labour lead to specialisation?
It allows a company, group or person to focus on a specific task
What is division of labour?
The separation of a work process into a number of different, smaller jobs
What are imports and exports?
Imports are goods brought in from another country and sold here, exports are goods shipped abroad and sold there
What two innovations have increased globalisation?
Transport and communication
What is an innovation?
A new invention or way of doing things
What incentive to banks give people to save?
Interest earned on savings
How does a bank make money?
By charging interest to borrowers
Can you give an example of a non-monetary incentive?
Packaging, advertising, location
What is an incentive?
Things that encourage you to do something, like buying something
What is opportunity cost?
When you choose between to items to buy, it is the value of the items you didn't buy
Why are tickets for a final (e.g. The World Cup) so expensive?
Because supply is limited (low) and demand is high
What is scarcity?
When the amount of a resource is limited?
If there is low demand for a product, business will be forced to _____ prices to attract customers?
reduce/lower
If the demand for a product is _____, business can charge a price to make larger profits
High
What is demand?
The amount if a product that consumers are willing to buy
What is supply?
The amount of a product businesses have available to sell
What is an entrepreneur?
A person who takes a risk and opens a business, believing it will make them money
What is profit?
The money a business has left after paying all of it's costs
If the price of a video game was $40 last year but inflation is 5%, what is the price now?
$48
What is inflation?
A rise in the usual price of goods and services
Can you name one example of a good and one service that the government produces/provides?
Produces roads and bridges, provides service of police
What is private property?
The land, homes, stores and goods people or companies own
Which part of the economy gets people and goods from place to place in cars, trains and planes?
Transportation
Which part of the economy grows much of the food you eat?
Agricultural
What is a command economy?
When the government decides what goods and services can be made and sold
What is a free enterprise system?
When producers have the right to produce any goods or services they want
What is a consumer?
A person or company who buys a good or service
What is a producer?
A person or company who make a good or service to sell to others
Which one of these is a want?
Water, holiday, shelter, food
Which one of these is a need?
Cinema tickets, iPad, food, piano lessons
What is the difference between a want and a need?
Needs are something you must have to survive, want is something you would like
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