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Commerce Flashcards

1
Q

Democracy definition

A

A system of government of elected representatives

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2
Q

Majority rule definition

A

The principle that the greater number should exercise greater power

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3
Q

Federation definition

A

The joining together of states to form one nation

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4
Q

Constitutional monarchy definition

A

Form of government in which a king or queen acts as head of state

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5
Q

Current Governor General is..?

A

Peter Cosgrove

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6
Q

What are the factors of demand?

A 
Expectations
Price of complementary products
Controlled by consumer
Price of the product itself 
Income
Preferences
Price of substitutions
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7
Q

What is consumer soveignty?

A

Consumer is king

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8
Q

What are the factors of supply?

A

Price of inputs
Price of the product
Price of other products
Controlled by produced supplier

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9
Q

What’s the equilibrium?

A

The point at which the supply equals the demand

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10
Q

Advantages and disadvantages of sole trader ship?

A

Disadvantage: all funding
Unlimited liability

Advantage: 100% profit/income
Completely owns the business and all shares

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11
Q

Advantages and disadvantages of partnerships?

A

Advantage: no shareholders
More people funding world share

Disadvantage: unlimited liability
People leaving business

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12
Q

Advantages and disadvantages of a private company?

A

Advantage: limited liability
Choose who gets shares

Disadvantage: not stock exchange
More expensive to register company name

Both: shareholder percentage stake in the business

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13
Q

5 elements of a business plan?

A
  1. Executive summary (one page summary of plan and ideas)
  2. Business objectives (guidelines of goals)
  3. Marketing plan (how business will attract target market and strategies)
  4. Operational plan (producing products, human and physical resource needed)
  5. Financial plan (profit forecasts, working capital, cash flow, assets and liabilities)
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14
Q

SWOT means..?

A

Strengths
Weaknesses
Opportunities
Threats

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15
Q

Working capital definition?

A

The ability of a business to meet its short-term debts. Found by subtracting current liability from current assets

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16
Q

Business ethics definition?

A

Moral guidelines and principles for the operation of a business, what is right or wrong.

17
Q

Globalisation definition

A

The expansion of business operations into other countries

18
Q

Tariffs definition?

A

Are a tax on imports, designed to make consumers buy local product

19
Q

Quotas definition

A

Are a limit on imports (eg. 10,000 cars only)

20
Q

Subsides definition

A

Are a payment to local companies to cover their costs

21
Q

Government definition

A

Th system of admission over a community of people

school (6 decks)

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