# 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.

![Image](https://upload.cafenono.com/image/slashpageHome/20240227/202443_S1T4KFPSsohZy6WZKl?q=75&s=1280x180&t=outside&f=webp)

## 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

![Image](https://upload.cafenono.com/image/slashpageHome/20240227/202443_XC37hIXtY4H2zGh5af?q=75&s=1280x180&t=outside&f=webp)

### 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

![Image](https://upload.cafenono.com/image/slashpageHome/20240227/202444_nFosMyETFHDDCSW7kr?q=75&s=1280x180&t=outside&f=webp)

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## 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:

- 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

> 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

For the site tree, see the [root Markdown](https://slashpage.com/atwnotes.md).