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Integrated Studies > Economics > Flashcards

Economics Flashcards

1
Q

Definitions

Economics

A

The study of social behaviours that relate to the production, consumption and distribution of goods and services

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2
Q

Definitions

Goods

A

Merchandise or physical possessions

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3
Q

Definitions

Services

A

Payment to a person or company for performing a paticular skill

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4
Q

Definitions

Need

A

Something that is necessary to ensure survival and basic functioning

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5
Q

Definitions

Want

A

Can improve quality of life, but is not essential

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6
Q

Definitions

Consumer Rights

A

Guarantees or promises made with relation to a product or service

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7
Q

Definitions

Consumer Responsibilities

A

Taking responsibility for the consequences of goods or services used

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8
Q

The Australian Markets

Retail Market

A

Sale of goods and services to consumers for profit. Contrast to wholesale where businesses buy large quantities and sell it at higher prices.

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9
Q

Types of Markets

Labour Market

A

Labour market (job market) is the availability of employment and labour based on supply (workers) and demand (employers).

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10
Q

Types of Market

Financial Market

A

Financial market allows people to trade financial securities (bonds, stocks, metals) and derivatives (something that derives value from an underlying entity, like interest) at low transaction costs

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11
Q

Stock Market

A

The stock market allows people to exchange equity
shares that represent ownership claims on businesses or public corporations.

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12
Q

The Law of Supply and Demand

A

The Law of Supply and Demand is an economic theory that explains how supply and demand are related to each other and how that relationship affects the price of goods and services

Supply > demand = lower prices
Supply < demand = higher prices
Price goes up = less demand = surplus of product
Price goes down = higher demand = less of product

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13
Q

Setting Financial Goals (What, How, Why) (5 points)

A
  • Setting a financial goal means to have a monetary target that you are working towards, whether that be as an individual or as a business
  • Much like an individual person, for a business to survive, it needs to generate enough profit to be self-sustaining
  • Financial goals help to keep businesses on track in order to ensure these things
  • Set using the SMART Goal Tactic
  • Set financial goals because they help you plan, allow you to map and track progress and force you to prioritise
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14
Q

Define

Profit, Innovation, Network

A
  • Profit: Financial gain for selling a product or service
  • Innovation: Implementation of a new idea, product or service
  • Network: To interact with others to exchange information and develop professional and social contacts
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15
Q

Enterprising Behaviours

A
  • Enterprising behaviour refers to possessing a skill set that allows you to identify opportunities and use them to your advantage
  • These skills can be used to apply innovations to a business in order to earn more money
  • It can be useful in deciding who to hire depending on the needs of your business and the applicant’s skill set
  • Enterprising also requires a certain level of discipline and self-motivation, as when starting a new business it is entirely the responsibility of the owner/s to ensure it succeeds
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16
Q

Why does the retail market exist? (4 points)

A
  • Ultimately exists to generate profit
  • People always need goods
  • People want luxuries
  • Makes things look appealing and sold at a higher price - keeps manufacturing costs low
17
Q

Why does the financial market exist?

A
  • To make money flow to where it is needed most
  • Provides finance to companies so that they are able to hire and invest
  • Can also provide money to governments to improve infrastructure
18
Q

Why does the labour market exist?

A
  • Helps employers to find the most skilled workers for jobs available
  • Allows competitive compensation for people with higher skill
19
Q

Why does the stock market exist?

A
  • Helps individuals earn profit for their income
  • Businesses having a greater input into local economies allows them to grow, as many cannot spend the funds required to have their business become more profitable
20
Q

Economics

Difference between stocks and derivatives

A

The stock is an asset, where the derivative gets values from the stock being held

21
Q

Define

Market

A

an arena, physical or digital, in which commercial dealings are conducted

22
Q

Give 3 - 7 examples of enterprising behaviours

A
  • A willingness to work hard
  • High level verbal and written communication skills
  • An ability and willingness to network
  • Passion in their area of work
  • An ability to bargain and negotiate
  • The ability to set and stick to goals
  • An ability and willingness to use and gain further knowledge in their chosen path

Integrated Studies (6 decks)

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