comerce Flashcards
exams
what is a criminal case
when someone has committed a crime, and their being prosecuted for it.
what criminal law
regulates behaviour between an individual and the comunnity
whats civil law
regulates behaviour between an individual and another individual
Can you enrol before you are 18?
no
buisness
produce of goods and services. using limited resources making choices about what you buy
name some goods
acia bowls, nail polish, clothes shoes, chocolate.
name some services
uber, hair dresser, gym, carwash, nail salon.
what are goods
goods are physical objects that are on the market
what are services
services are activities that cant be touched, and they cant be passed to someone else.
what are natural resources
they are raw materials
example of a natural rescource
wood, bushes, water
what is the law of demand
as the price of an item decreases, the quantity of that item that will be demanded by the market will increase and same goes the other way.
what is a summary offence
minor offence heard by magistrate
what is an indictable offence
serious offences that are heard beofre a judge
what is the balance of probabilities
something that most likely accured
what is a plaintiff
a person or organisation who is bringing the case to court.
An understanding of markets and how they work
a market is any situation where a buyer interacts with a seller. they exchange they goods or services
price mechanism
Is the system where the producer supply and consumer demand interact in the market make to
set prices for goods and services.
Unintended Consequences
Unintended consequences are outcomes that are not an intended.
Alternative courses of action
There is always more than one course of action available in all situations.
SURPLUSES
when the seller is willing to lower the price due to excess product
Some consumers will increase demand as the price is lower.
what is an EQUILIBRIUM
when market supply and demand are equal, balance each other out, and as a result, prices become stable.
what is a stakeholder
any group or individual who has an interest in, or affected by activities, organisation, or businesses.
An understanding of markets and how they work
a situation where buyer interacts with seller and they exchanged for a goods or service.
capital resources
buisnesses, machinery,
what does that facts of the case mean
the “who, when, what, where, and why”
what is defamation
the act of communicating false statements about a person that injure the reputation of that person
