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Lesson 9: Globalization and its economic impacts
Stakeholder - Affect or can be affected by something
Example: In company, board of directors give everyone pay rise, Affected positively: Workers, affected negatively: customers.
Stakeholders in situations
Hometown opening airport
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construction company
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people living on the land
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airlines
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people owning houses around
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the city
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state
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hotels
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tourists
Local charity closing
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homeless people
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charity workers
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city
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funders
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landlord
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other charities
Friend copies off you in test
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friend
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you
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teacher
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school
Local butcher closing
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people buying meat
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landlord
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butcher
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supplier
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restaurants
Break leg in school sport
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team
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school
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parents
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opponents
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you
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hospital
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school nurse
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crutch manufacturer
What is economics
Economics - Study of scarcity and how scarce resources are allocated between competing needs and wants in society - study of how people seek to satisfy their needs ands wants by making choices.
Economists looks at:
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cost and benefits of decisions
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help society and individuals better
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interaction between buyers and sellers in markets
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how people and societies choose to use and allocate resources
Law of demand: As prices rise, demand will decrease, as prices fall, quantity will decrease
Law of supply: As prices go up, supply will go up (more profit to be made
Opportunity Cost - Sacrificing one thing to choose another thing, eg. choosing coke over sprite
Diminishing returns - the more you have something, the less the benefit: eg. one game, much satisfaction, two of the same game, less satisfaction
Disciplinary Concepts
Scarcity
Law of demand
Law of supply
Opportunity cost