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Lesson 9: Globalization and its economic impacts

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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
construction company
people living on the land
airlines
people owning houses around
the city
state
hotels
tourists
Local charity closing
homeless people
charity workers
city
funders
landlord
other charities
Friend copies off you in test
friend
you
teacher
school
Local butcher closing
people buying meat
landlord
butcher
supplier
restaurants
Break leg in school sport
team
school
parents
opponents
you
hospital
school nurse
crutch manufacturer
What is economics
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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:
cost and benefits of decisions
help society and individuals better
interaction between buyers and sellers in markets
how people and societies choose to use and allocate resources
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Law of demand: As prices rise, demand will decrease, as prices fall, quantity will decrease
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Law of supply: As prices go up, supply will go up (more profit to be made
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Opportunity Cost - Sacrificing one thing to choose another thing, eg. choosing coke over sprite
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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
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Scarcity
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Law of demand
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Law of supply
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Opportunity cost