Work and the australian economy
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This document provides an overview of the key participants in the Australian economy - workers, businesses, consumers, and the government. It discusses how workers can be employed in primary sectors like agriculture, secondary sectors like manufacturing, or tertiary sectors providing services. The document aims to describe the roles of each participant and how their economic decisions impact the overall functioning of the Australian economy.
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This document defines production and discusses the levels, factors, and types of production. It provides examples to illustrate key points. The three levels of production are traditional/subsistence, domestic/local, and surplus/export production. The four factors of production are land, labor, capital, and entrepreneurship. There are three main types of production: primary, secondary, and tertiary. Linkage industries are also discussed as industries that depend on each other's inputs and outputs through backward and forward linkages.
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This course deals with basic principles of applied economics and how they relate to contemporary economic issues in the Philippines, such as prices, wages, rent, and taxes. It involves analyzing industries to identify business opportunities and preparing a socioeconomic impact study of a business venture. The main goals are to differentiate economics as a social science and applied science, cite current economic issues, and relate principles of applied economics to issues using critical thinking.
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Work and the australian economy
- 1. Work and the Australian Economy Year 9 - Humanities
- 2. From last lesson What is opportunity cost? The cost of undertaking one economic activity instead of its best alternative.
- 3. Learning Intentions All students will be able to describe the different roles of the key participants of the Australian economy – consumers, workers (employees), producers/ businesses and governments. Most students will understand the types of economic decisions that are made by governments, businesses, employees and individuals, and how these decisions impact upon the workings of the Australian economy and the other participants within it. Some students will be able to describe, analyse and evaluate key initiatives of the current Australian budget and predict possible outcomes/ consequences of these outcomes for the participants in the Australian economy.
- 4. Key Terms employees, businesses, consumers and the government
- 5. Workers (Employees) in the Australian Economy There are a number of participants in the Australian economy. All of these participants – workers (employees), businesses, consumers and the government – have a role to play and can influence the way the economy operates.
- 6. Participants in the Australian economy Worker (employee): A person who works for themselves or a business to produce a product or service Consumer: A customer or shopper who purchases goods or services
- 7. Industry sectors Workers can work in the following sectors Primary Sectors Secondary Sectors Tertiary Sectors
- 8. Primary Sectors These industries produce raw materials like wheat, wool and meat and make use of natural resources such as minerals and forests.
- 9. Secondary Sectors This is the manufacturing industry, where basic materials are turned into sale-able products, such as the production of clothing from cotton or wool or the manufacture of electronics or machines.
- 10. Tertiary Sectors This industry is concerned with the framework and foundations of business and the provision of services. It includes such things as banking and transport as well as the direct marketing or selling of products.