Buisness Flashcards
what is business
business is a person’s regular occupation, profession, or trade.
what is economics
economics is the the branch of knowledge concerned with the production, consumption, and transfer of wealth.
what is the gender pay gap
The gender pay gap measures the difference between average (median) hourly earnings of men and women, usually shown by the percentage men earn more than women.
what are poverty lines
The poverty line is an estimated, imaginary line developed by economists in order to define a poor person.
what is finance
finance is a large amount of money managed especially by governments or large companies.
what is a goal
a goal is something you want to achieve for your business to improve it or to renew it
what is an objective
an objective is a result that business owners want to see their business doing, it is a goal or a direction for their business
what is strategy
strategy is how to reach a goal with different ways
what is a tactic
a tactic are the actions/different ways that need to happen to reach a goal
what is a need
a need is something you have to have in order to survive or to complete a task
eg: i need a shelter, food and clothes
what is a want
a want is something you desire to have you don’t need it to survive it is something you might like to have
eg: i want a iphone 13 for my birthday
what is customer focus
customer focus is when a business places the customer needs and
wants at the center of ask of its decisions.
Goods and services are developed around
a consumers preference.
what is customer service
customer service is the assistance and advice provided by a company to those people who buy or use its product or services.
what is a target market
a target market is a group who will buy your products and wish to purchase your product.
what is good
a good is a product that you can touch
eg: food, technology and clothes (tangible)
what is a service
a service is an action usually done by the employee
eg: school, bank and bus (intangible)
what is a consumer
a consumer is a person or group that is final user of goods and services produce in an economy (3 characteristic)
what are producer
producers are induvials and business involved in the production of goods and services
what is traditional market
a traditional market is a flourishing economy that existed through the people trading their items for items they did not have.
what is a market
a market is a place where two parties can gather to facilitate the exchange of goods and services
What does barter mean
Barter means the exchange of goods and services for other goods or services without using money
What is a salary?
A salary is a fixed payment received for each pay period, compared to a wage that is flexible and contingent on the number of hours worked in each pay period
What is a wage?
A wage is a fixed regular payment earned for work or services, typically paid on a daily or weekly basis.
what is income
Income means the money received especially on a regular basis for work through investments
income (examples)
online, taxes, salary, wage, inheritance, profit, commision, overtime….
what is a entrepnur
a person who sets up a business or businesses, taking on financial risks in the hope of profit.
what is a intrapreneur
a manager within a company who promotes innovative product development and marketing.
what can a business do to be successful
Pursuing a mission.
Focusing on customers.
Employing a great management team.
Retaining employee talent.
Keeping detailed financial records.
Pursuing long-term goals
Adapting to new technology.
what do characteristics mean (examples)
Characteristics are the distinguishing features or quality of something. Think of characteristics as those qualities that make a person or a thing different from others.
3 characteristics of a goods
tangible
permanent
needs storage
3 characteristics of a service
Intangible
not permanent
why it is important for an individual to be an active participant in the Australian economy.
- To ensure you are contributing the growth of
the economy - Two provide financial security for yourself
What is the difference between a need and a want?
A need is something you require to survive and want is a desire and a nice to have
A consumer…
have unlimited need and wants.
Consumer satisfy…
buying goods and services
Consumer demand…
a particular quantity of goods and services depends on the price.
Producers aim…
to maximum quantity of products produced and distributed.
Produces…
supply good and services to consumers.
Produces supply…
a particular quantity of a good and services depending on the prices.
What Is The Difference Between A Salary And A Wage?
The main difference between a salary and wage is that a salary is paid in fixed increments throughout a year, and a wage varies depending on the time or amount someone works.
5 types of income.
-Wage
- Salary
- Profit income
- Interest income
- Earned income
What does Market Share of Sales mean?
Market share represents the percentage of an industry, or a market’s total sales, that is earned by a particular company over a specified time period. Market share is calculated by taking the company’s sales over the period and dividing it by the total sales of the industry over the same period.
Define Consumer.
A consumer is a person or a group who intends to order/uses purchased goods, products, or services primarily for personal, social, family, household and similar needs, who is not directly related to entrepreneurial or business activities.
Define Producer
A producer is someone who creates and supplies goods or services.
How can a business be both a consumer and a producer?
Consumers buy goods and services to satisfy their wants, and producers make goods and services.
Define goods
In economics, goods are items that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product.
Define services
A service is an act or use for which a consumer, firm, or government is willing to pay.
Define Barter
Barter is a system where two parties exchanges good to fulfil their needs without the exchanges of money.
