- sums up the way the econmy works
- shows the connection between five different sectors of the economy
- independent commonwealth government body responsible for the regulation of the financial sector
-provide comsumers proctection in financial services
- boom
- concration
- recession
- expansion
- depression
falling decline in economy
- falling levels of production
- decreasing consumer spending
- rate of inflantion mt fall
- wages rates fall
- interest rates fall
- unemployment rises
rising of an economy
- rising levels of production
- increasing consumer spending
- wages rise
- interest ratss riss
- unemplyment decreases
- rate of inflantion rises
caused by lack of spending
- income and production at lowest levels
- unemplyment at high level
- wages and salaries fall
- consumer demand, business sales and profit reaches lowest level
- interest rates low
upsids of the business cycle, growth and prospertiy
- income and production at highest levels
- wages and salaries are high
- businesses operate at full capcity
- interests rate are high
- unemployment decreass
through the interaction of demand and supply, markerd attempt to solve the economic problem of scarity and effcient allocation of resources
quantity of a product that consumer are willing to pay at the certain price given at a certain time. Eg: If prices increases, demand for goods snd services decreases
quantity of goodd and services businesses are willing and able to offer. As prices increase, quantity supplied will increase
refers to the forces of demand snd supply in determining the price snd quantity of something
- demand curve will shift to the right
- increase in price
- increass in quantity
demand curce shifts to the left
- decrease in price
- decrease im quantity
- rise in consumer income
- change in consumer taste and prefeence
- increase in population
- substitue good becomes more expensive
- complementary goods become cheaper
- prices expected to rise in future
- decrease in consumer income
- change in consumer income
- population may decrease
- substitue goods might become cheaper
- complementary goods become more expensive
- prices expected to fall in the future
supply curve shifts to the right
- decrease in price
- increase in quantity
supply curce shifts to the left
- increase in price
- dcrease in quantity
- increased efficeny
- fall in cost of production
- improved climatic conditions
- increase in number of suppliers
- reduced efficeny
- increase in cost of production
- unfavorablr climatoc conditions
- on demand business: no need to wait etc
- small and large businesses:
mirco bus:0-5 employess
small bus:5-19 employees
medium bus:20-199 employess
large bus:200 or more
- global businesses: larger company that branches into differnt countries
- government businesses: government owned and operated, prodived essential communtity service
- not for profit business: provide services for no profit
- technology: technonlogical advanced have changed impacting administration tasks, communication, services provision, maunfactoring process
- business cycle: the business cycle showcasing when consumer should best spend their money of goods and services
- globalisation: access to worldwode businesses and creates extended markets, cheaper materials and access to labour while it can also have increased compeition, increased unemplyment and ethical issues