Contribution of businesses to the nation

Question 1

what basic questions is the economy is set up to answer

Answer 1

1. what goods and services are produced? 2. how do we prodcue these goods and services? 3. how are these goods distributed/who recieves them?

Question 2

what type of economic systtem do we have in australia

Answer 2

a market capitalist economy

Question 3

contributions of a business

Answer 3

employment, taxation revenue, economic growth, export earnings, GDP, BOP, research and development, social wellbeing, innovation, coporate social responsibilty

Question 4

what is the economy

Answer 4

a system set up to dtermine what to produce, how to rpoduce it and whom production will be distributed to

Question 5

what economic growth

Answer 5

an increase in the reak value of goods and services produced in australu over a specifc period

Question 6

GDP

Answer 6

gross domestic product, monetary value of all finished goods and services producced in australia over a specific period

Question 7

BOP

Answer 7

balance of payments, a record of a countrys trade and financial transactions with the rest of the world, favourable BOP when more payments coming in then going out

Question 8

how does a business contribute to social wellbeing

Answer 8

jobs build self esteem, improved social connection, personal habits and general wellbeing

Question 9

how does a business contribute to coporate social resposibilty

Answer 9

managing a business in a way tthat the broader social welfare of the community, including its employees, customers, suppliers and the environment is taken into consideration when making business decisions