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Subjects 2023 > Buisness > Flashcards

Buisness Flashcards

1
Q

what is business

A

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

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2
Q

what is economics

A

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

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3
Q

what is the gender pay gap

A

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.

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4
Q

what are poverty lines

A

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

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5
Q

what is finance

A

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

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6
Q

what is a goal

A

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

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7
Q

what is an objective

A

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

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8
Q

what is strategy

A

strategy is how to reach a goal with different ways

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9
Q

what is a tactic

A

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

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10
Q

what is a need

A

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

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11
Q

what is a want

A

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

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12
Q

what is customer focus

A

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.

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13
Q

what is customer service

A

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

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14
Q

what is a target market

A

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

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15
Q

what is good

A

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

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16
Q

what is a service

A

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

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17
Q

what is a consumer

A

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

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18
Q

what are producer

A

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

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19
Q

what is traditional market

A

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

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20
Q

what is a market

A

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

21
Q

What does barter mean

A

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

22
Q

What is a salary?

A

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

23
Q

What is a wage?

A

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

24
Q

what is income

A

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

25
Q

income (examples)

A

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

26
Q

what is a entrepnur

A

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

27
Q

what is a intrapreneur

A

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

28
Q

what can a business do to be successful

A

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.

29
Q

what do characteristics mean (examples)

A

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.

30
Q

3 characteristics of a goods

A

tangible
permanent
needs storage

31
Q

3 characteristics of a service

A

Intangible
not permanent

32
Q

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

A
  • To ensure you are contributing the growth of
    the economy
  • Two provide financial security for yourself
33
Q

What is the difference between a need and a want?

A

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

34
Q

A consumer…

A

have unlimited need and wants.

35
Q

Consumer satisfy…

A

buying goods and services

36
Q

Consumer demand…

A

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

37
Q

Producers aim…

A

to maximum quantity of products produced and distributed.

38
Q

Produces…

A

supply good and services to consumers.

39
Q

Produces supply…

A

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

40
Q

What Is The Difference Between A Salary And A Wage?

A

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.

41
Q

5 types of income.

A

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

42
Q

What does Market Share of Sales mean?

A

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.

43
Q

Define Consumer.

A

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.

44
Q

Define Producer

A

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

45
Q

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

A

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

46
Q

Define goods

A

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

47
Q

Define services

A

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

48
Q

Define Barter

A

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

Subjects 2023 (4 decks)

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