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Term 1 Form 4 > Business > Flashcards

Business Flashcards

1
Q

Maslow Hierarchy

P S ❤️ SS

A

Physiological > Safety > Love & Belonging > Self Esteem > Self Actualisation

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2
Q

What is Scarcity?

A

Unlimited wanted compared to limited resources

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3
Q

What is Opportunity Cost

A

The next best option not chosen

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4
Q

What is bartering?

A

Exchange of something you own for something you want

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5
Q

What is a medium of exchange

A

Something that is accepted in exchange for goods or services
eg Paper money, salt, sheep

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6
Q

Name two types of money

A

Flat money
Commodity Monney

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7
Q

What is legal tender?

A

A medium of exchange a government supports for its nation

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8
Q

5 qualities of money

Dont Play Dumb Use Logic

A

Durable
Portable
Divisible
Uniform
Logic

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9
Q

How do calculate net worth?

A

Assets - Liabilities

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10
Q

What is income?

Cant Wait For Saturday

A

It is money received for working, owning assets or transferred
Wages
Salary
Fees
Commission

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11
Q

What income can you earn from owning assets?

A

Rent
Interest
Dividend
Royalty
Admission Fee

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12
Q

What is net income? (formula)

A

Gross Income - Tax - ACC

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13
Q

What is cryptocurrency?

A

Virtual Currency

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14
Q

What are benefits of cryptocurrency?

A

Secure
No central authority

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15
Q

What are negatives of cryptocurrency?

A

Uncertian
Volatile(liable to change rapidly and unpredictably, especially for the worse.)

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16
Q

What does the demand curve show?

A

The relationship between the price of a good or service and the quantity demanded at that price.

17
Q
A
18
Q

What factors cause the demand curve to shift to the right

A
  • Increase in income
  • Population
  • Tastes and preferences
  • Expectations: Expectations about future prices and income can also affect demand for certain goods and services.
  • Advertising
19
Q

Why does the demand curve to shift to the left

A

Decrease in demand

20
Q

What causes the demand curve
to shift to the left
(decrease in demand reasons)

A
  • A decrease in consumer income
  • Reductionin prices of related goods
  • Expectations about future prices
  • Changes in consumer tastes and preferences
  • Changes in consumer attitudes: eg for environmentally-friendly products.
21
Q
A

Term 1 Form 4 (7 decks)

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