Economics and Buisnesship

Question 1

What is a Producer?

Answer 1

A producer is a person or group that makes something in order to sell it.

Question 2

What is a Consumer?

Answer 2

A consumer is any person who buys goods and services to satisfy their needs and wants.

Question 3

What are Needs?

Answer 3

Goods or services that are necessary for consumers to keep alive.

Question 4

What is Land?

Answer 4

All the gifts of nature, including water, trees and minerals.

Question 5

What are Goods?

Answer 5

Goods are objects that satisfy people’s wants.

Question 6

What is Innovation?

Answer 6

It refers to the process of developing new ideas.

Question 7

What is Consumer Sovereignty?

Answer 7

It is the basis of the relationship between Producers and consumers.

Question 8

What is Market Research?

Answer 8

It can help firms fine-tune their pricing strategy.

Question 9

What is volunteer work?

Answer 9

unpaid work or tasks for others

Question 10

What is Independence?

Answer 10

When a Producer and consumer both rely on each other.

Question 11

What is Capital?

Answer 11

The human-made items in the production process, such as tools and machinery.

Question 12

What is Enterprise?

Answer 12

The resource provided by people who organise, fund or manage production.

Question 13

What is Labour?

Answer 13

The human effort used in the production process, such as the effort and skill of a bricklayer or a brain

Question 14

What is Entrepreneur?

Answer 14

It is someone who contributes enterprise to a firm’s operation.

Question 15

What are services?

Answer 15

Services are activities performed by people, firms or government agencies to satisfy economic wants.

Question 16

What is income?

Answer 16

Money or other benefits an employee receives in exchange for working.

Question 17

What is Standard of living?

Answer 17

Level of necessities, wealth, material goods and comfort a person can achieve.

Question 18

Name 6 types of work.

Answer 18

Full-time, part-time, casual, from home, contract, volunteer.

Question 19

What is Part-time work?

Answer 19

Regular, ongoing employment that lasts, on average, less than 38 hours each week.

Question 20

What is full-time work?

Answer 20

Ongoing employment that lasts, on average, around 38 hours each week.

Question 21

What is casual work?

Answer 21

Work that has irregular hours and its not guaranteed for the worker who gets no paid sick leave or annual leave.

Question 22

What is Work from home?

Answer 22

An employee who works from home is not required to travel to an office or other work location.

Question 23

What is contract work?

Answer 23

Where a person is employed to complete a specific task without having any guaranteed of work beyond that task.

Question 24

What is Wants?

Answer 24

A good or service that is desired but is not necessary for survival or to meet the basic standard of living in a community.

Question 25

What is Profit?

Answer 25

The difference between the amount a business sells their product for and the amount it costs to make the product.

Question 26

What is wage?

Answer 26

Income based on the number of hours worked by the employee.

Question 27

What is salary?

Answer 27

A fixed amount of money received by the worker, usually based on a yearly rate, regardless of the number of hours they actually work.

Question 28

What are resources?

Answer 28

Nature and made items that we value and use to produce goods and services that satisfy needs and wants.

Question 29

How many people in Australia have a job?

Answer 29

12 million

Question 30

Why do people work?

Answer 30

Earning and income, gaining access to a higher standard of living, contributing to self-esteem and contributing to happiness.

Question 31

Why are entrepreneurs consider risk takers?

Answer 31

Innovation, initiative, self-motivation and willingness to take appropriate risks.