Buisness

Question 1

what is business

Answer 1

business is a person’s regular occupation, profession, or trade.

Question 2

what is economics

Answer 2

economics is the the branch of knowledge concerned with the production, consumption, and transfer of wealth.

Question 3

what is the gender pay gap

Answer 3

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.

Question 4

what are poverty lines

Answer 4

The poverty line is an estimated, imaginary line developed by economists in order to define a poor person.

Question 5

what is finance

Answer 5

finance is a large amount of money managed especially by governments or large companies.

Question 6

what is a goal

Answer 6

a goal is something you want to achieve for your business to improve it or to renew it

Question 7

what is an objective

Answer 7

an objective is a result that business owners want to see their business doing, it is a goal or a direction for their business

Question 8

what is strategy

Answer 8

strategy is how to reach a goal with different ways

Question 9

what is a tactic

Answer 9

a tactic are the actions/different ways that need to happen to reach a goal

Question 10

what is a need

Answer 10

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

Question 11

what is a want

Answer 11

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

Question 12

what is customer focus

Answer 12

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.

Question 13

what is customer service

Answer 13

customer service is the assistance and advice provided by a company to those people who buy or use its product or services.

Question 14

what is a target market

Answer 14

a target market is a group who will buy your products and wish to purchase your product.

Question 15

what is good

Answer 15

a good is a product that you can touch
eg: food, technology and clothes (tangible)

Question 16

what is a service

Answer 16

a service is an action usually done by the employee
eg: school, bank and bus (intangible)

Question 17

what is a consumer

Answer 17

a consumer is a person or group that is final user of goods and services produce in an economy (3 characteristic)

Question 18

what are producer

Answer 18

producers are induvials and business involved in the production of goods and services

Question 19

what is traditional market

Answer 19

a traditional market is a flourishing economy that existed through the people trading their items for items they did not have.

Question 20

what is a market

Answer 20

a market is a place where two parties can gather to facilitate the exchange of goods and services

Question 21

What does barter mean

Answer 21

Barter means the exchange of goods and services for other goods or services without using money

Question 22

What is a salary?

Answer 22

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

Question 23

What is a wage?

Answer 23

A wage is a fixed regular payment earned for work or services, typically paid on a daily or weekly basis.

Question 24

what is income

Answer 24

Income means the money received especially on a regular basis for work through investments

Question 25

income (examples)

Answer 25

online, taxes, salary, wage, inheritance, profit, commision, overtime....

Question 26

what is a entrepnur

Answer 26

a person who sets up a business or businesses, taking on financial risks in the hope of profit.

Question 27

what is a intrapreneur

Answer 27

a manager within a company who promotes innovative product development and marketing.

Question 28

what can a business do to be successful

Answer 28

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.

Question 29

what do characteristics mean (examples)

Answer 29

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.

Question 30

3 characteristics of a goods

Answer 30

tangible permanent needs storage

Question 31

3 characteristics of a service

Answer 31

Intangible not permanent

Question 32

why it is important for an individual to be an active participant in the Australian economy.

Answer 32

- To ensure you are contributing the growth of the economy - Two provide financial security for yourself

Question 33

What is the difference between a need and a want?

Answer 33

A need is something you require to survive and want is a desire and a nice to have

Question 34

A consumer...

Answer 34

have unlimited need and wants.

Question 35

Consumer satisfy...

Answer 35

buying goods and services

Question 36

Consumer demand...

Answer 36

a particular quantity of goods and services depends on the price.

Question 37

Producers aim...

Answer 37

to maximum quantity of products produced and distributed.

Question 38

Produces...

Answer 38

supply good and services to consumers.

Question 39

Produces supply...

Answer 39

a particular quantity of a good and services depending on the prices.

Question 40

What Is The Difference Between A Salary And A Wage?

Answer 40

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.

Question 41

5 types of income.

Answer 41

-Wage - Salary - Profit income - Interest income - Earned income

Question 42

What does Market Share of Sales mean?

Answer 42

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.

Question 43

Define Consumer.

Answer 43

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.

Question 44

Define Producer

Answer 44

A producer is someone who creates and supplies goods or services.

Question 45

How can a business be both a consumer and a producer?

Answer 45

Consumers buy goods and services to satisfy their wants, and producers make goods and services.

Question 46

Define goods

Answer 46

In economics, goods are items that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product.

Question 47

Define services

Answer 47

A service is an act or use for which a consumer, firm, or government is willing to pay.

Question 48

Define Barter

Answer 48

Barter is a system where two parties exchanges good to fulfil their needs without the exchanges of money.