business

• Opportunity cost is the value of the next best alternative.
• saving is the process of putting money aside for a for a future purchase.
• we save because we want to have more money in the future, we want to have more money to buy things.
• you save in places like stocks, the bank, gold and super.
• we can be better savers by budgeting our money earn, figure out the time range and find how much you can spend.
• a loan is a sum of money that is borrowed from a bank or other financial institution.
• good loans include a business, home and education loans.
• ’bad’ loans include car and credit card debt.
• financial cost benefit is the opportunity cost of 2 projects.
• individuals do this by defining their design, assigning value to it and identifying benefits.
• investing is the process of putting money into a business or other financial asset with the expectation of a return.
• you can invest in a business by buying shares in the business, super, property and loans
• pyramid scheme is a business model that involves selling a product or service to recruit new members for value.
• pyramid scheme goal is to gain as much money as possible in the shortest amount of time.
• ponzi scheme is a fraudulent investment scheme that pays out more than it takes in.
• ponzi is also defined as where new members pay for old investors.
• the ponzi scheme will collapse when there are no longer enough new members joining.
• Multi level marketing is where people are compensated for selling products to other people and recruiting salespeople.
• MLM is controversial because it is unethical and has legal issues.
• you look at things such as price, additional costs, opportunity cost, running cost and benefits when buying a product.
• workplaces have changed as there is more flexibility and more people work from home and less workers
• post covid changes in workplaces included more work from home, more office work and more pay gaps.
• soft skills are the ability to communicate, work with others, and solve problems effectively.
• hard skills are specific abilities that can be measured or tested.