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TOPIC 2: CONSUMERS AND BUSINESS

Consumers

  • Consumer sovereignty
    Patterns of consumer spending and saving/dissaving
    • variations with income and age
    - individual consumers either spend or save their income
    - in the economy as a whole, as income rises the level of saving increases

    Factors influencing individual consumer choice
    • income
    • price
    • price of substitutes
    • price of complements
    • preferences/tastes
    • advertising

    Sources of income
    • the return for resources: wages, rent, interest and profit
    • social welfare

The production of goods and services

WATCH: What are the four Factors of Production? (YouTube clip by RatherUnfortunate)
Read some of the basic economic definitions and see if you can figure out the factors of production (needs Flash)


The distribution and exchange of goods and services


READ: Allocating goods and services


Income distribution

READ:
  • Factor income
  • What is GDP and why is it so important? 


Provision of employment and quality of life through the business cycle

WATCH
: Business Cycles (YouTube video by mjmfoodie)
The circular flow of income

READ: Circular flow of income (Wikipedia)
WATCH: Circular flow (note that the figures are from 2008 and therefore quite dated)
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  • Home
  • About
    • About
    • Education Blog
    • Writing Blog
  • Case Studies
  • Courses
  • HSIE Resources
    • HSC Business Studies >
      • Operations >
        • Role of operations management
        • Influences
        • Processes (overview) >
          • Inputs
          • Transformation processes
          • Outputs
        • Strategies
      • Marketing >
        • Role of marketing
        • Influences
        • Process
        • Strategies
      • Finance >
        • Role of Financial Management
        • Influences
        • Processes
        • Strategies
      • Human Resources >
        • Role of human resource management
        • Influences
        • Processes
        • Strategies
        • Effectiveness
    • Preliminary Business Studies >
      • Nature of Business >
        • Role of business
        • Types of businesses
        • Influences
        • Business growth and decline
      • Business Management >
        • Nature of management
        • Management approaches
        • Management process
        • Management and change
      • Business Planning >
        • SMEs
        • Influences
        • Business Planning Process
        • Critical Issues
    • Economics >
      • Introduction to Economics >
        • The nature of economics
        • The operation of an economy
      • Consumers and Businesses >
        • Businesses
      • Markets >
        • Demand
        • Supply
        • Market equilibrium
        • Market structures
      • Labour Market >
        • Demand and supply of labour
        • Labour market trends
      • Economic Issues >
        • Economic growth
        • Unemployment
        • Inflation
        • External Stability
        • Distribution of Income and Wealth
        • Environmental Sustainability
    • Society and Culture >
      • Course Framework
      • Research Methods
      • P1: Social and Cultural World
      • P2 Personal and Social Identity
      • P3: Intercultural Communication
      • PIP
      • H1: Social and Cultural Continuity and Change
      • H2: Popular Culture - Social Media
      • H3: Equality and Difference
    • Geography (old syllabus) >
      • Coastal Management
      • Urban Growth and Decline
      • Human Rights
  • Contact