Business behaviour

Question 1

Business behaviour

Answer 1

Business behaviour looks at what and how businesses produce goods and services, and what motivates them.

Question 2

Traditional view

Answer 2

The traditional view is that most businesses seek to minimise their production costs and maximise their sales and profits. They also respond to various positive and negative incentives by governments like subsidies and taxes on particular products.

Question 3

Factors that influence

Answer 3

Businesses have been evolving and adapting to the changing economic, social and political conditions within which they operate. These factors include the influences of sustainability, community involvement, gender equality, innovation, technology and R&D.

Question 4

what do businesses use to increase their profit

Answer 4

Successful businesses use various strategies to increase their profitability such as:
operational excellence
good customer relations
technically superior products
multiple branding.

Question 5

Competition among

Answer 5

In order to increase profits, some Australian businesses have tried to limit competition and collude with rival firms.

Question 6

Australian Competition and Consumer Act 2010

Answer 6

The Australian Competition and Consumer Act 2010 is designed to increase competition and make anti-competitive behaviour illegal (e.g. price fixing, collusive bidding).

Question 7

ACCC

Answer 7

This act is enforced by the Australian Competition and Consumer Commission (ACCC). It monitors prices, and supervises company takeovers and mergers to ensure they are in the public’s interest.