Buisness And Economics chapter:1&3

Question 1

Good

Answer 1

Items that you can see and tough

Question 2

Services

Answer 2

Things that are done for you

Question 3

Labour

Answer 3

Work done in exchange for some return such as money

Question 4

Retail buisness

Answer 4

Sells good to public

Question 5

Consumer

Answer 5

Someone who purchases goods and services to satisfy needs and wants

Question 6

Needs

Answer 6

Requirements for survival. Needs a food, water, shelter and clothing. We could not survive without them that’s why we purchase needs first

Question 7

Wants

Answer 7

often referred to as luxuries because they are not crucial for survival. There are things that we would like to have. We could live without them but our lives might not be as enjoyable

Question 8

Collective goods and services

Answer 8

Mostly provided by government. These include: public roads library, airports, schools, hospitals and police

Question 9

Labour resources

Answer 9

Human skill and effort

Question 10

Capital resources

Answer 10

Man-made or manufactured objects that help produce other products.

Question 11

Enterprise resources

Answer 11

These are the new ideas for people called entrepreneurs, Who form an idea for a good or service and then and organise its production

Question 12

natural resources

Answer 12

Raw materials supplied by nature

earth, sea, air

Question 13

Renewable resources

Answer 13

Resources such as forests, soil and rivers can restore themselves

Question 14

Non-renewable resources

Answer 14

These are being used faster then nature can replace them

Question 15

businesses

Answer 15

Any organisation that produces and sells for profit

Question 16

Sole trader

Answer 16

Someone who runs and owns a business by them self

Question 17

Partenership

Answer 17

A business that is owned and operated by 2 to 20 people and share their profits and losses

Question 18

private company

Answer 18

Often small or medium and often family owned, shares are often only offered to people that the business wants as part owners

Question 19

Public company

Answer 19

Have an unlimited number of shareholders. The general public can buy and sell shares for this business through the stock exchange

Question 20

And profit organisations

Answer 20

Usually charities that off for goods and services or their profits profits to specific people in need

Question 21

Labour

Answer 21

Human effort put into making a good or service

Question 22

Export

Answer 22

Locally made product sent to overseas consumers

Question 23

Shares

Answer 23

A section of a company that a consumer can own

Question 24

Dividend

Answer 24

Company profit given to share holders in cash or more shares

Question 25

Inflation

Answer 25

A general rise in prices across all areas in the economy

Question 26

Enterprise

Answer 26

A business or company

Question 27

Profit

Answer 27

All left over money after paying business expenses

Question 28

ASX

Answer 28

Australian Security Exchange company that operates exchange

Question 29

Stock market

Answer 29

A stock exchange

Question 30

Supply

Answer 30

Making a good or service available to someone who wants it

Question 31

Demand

Answer 31

A good or service wanted by a certain number of consumer

Question 32

ACCC

Answer 32

Australian Competition & Consumer Commission

Question 33

Consumer

Answer 33

An individual or buisness who sells or creates goods and services

Question 34

Household sector

Answer 34

A total of all consumers in the economy

Question 35

Business sector

Answer 35

The part of the economy made up by companies consisting of producers trading goods and services