16.8 Inquiry: How is Aboriginal and Torres Strait Islander Peoples economics sustainable? • Aboriginal and Torres Strait Islander Peoples used their local areas, trade routes and meeting places to satisfy their needs and wants. • Needs and wants were satisýed and goods were exchanged in a sustainable manner. 16.9.2 Key terms business any activity conducted by an individual or individuals to produce and sell goods and services to make aproýt consumer a person or group who is the ýnal user of goods and services produced within an economy demand a need or want of consumers expressed by the spending of income employees people who work for a wage or salary equilibrium a resting point in a market where the forces of supply and demand are equally matched, and where the market is ‘cleared’ goods physical or tangible items that satisfy needs and wants income money earned through employment or investment investigate to carry out a detailed and systematic inquiry to discover facts or information about a topic or issue labour the human skills and effort required to produce goods and services limited liability where shareholders cannot lose more than their investment in the event of the failure of the business market an institution or organisation where goods and services are bought and sold at prices which are negotiated between buyers and sellers needs goods or services that consumers consider necessary to maintain their standard of living opportunity cost the next best alternative given up whenever a choice is made producer an individual or a business involved in the production of goods and services services actions done for you by others to satisfy your needs and wants supply a market force that relates to the quantity of a particular good or service that producers are willing to sell at a given price over a period of time sustainability meeting our own needs without compromising the ability of future generations to meet their needs unlimited liability where a business owner is personally responsible for all the debts of their business wants things people desire to feel happy or satisýed, but they aren’t needed to survive or live comfortably
16.9.3 Reþection Complete the following to reþect on your learning.
Revisit the inquiry question posed in the Overview: How do societies share resources to meet people’s needs and wants? Why do consumers and businesses have rights and responsibilities? 1. Now that you have completed this topic, what is your view on the questions? Discuss with a partner. Has your learning in this topic changed your view? If so, how? 2. Write a paragraph in response to the inquiry questions, outlining your views.
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TOPIC16 How markets work 583
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