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Matthew Grade 7 > EMS term 1 and 2 > Flashcards

EMS term 1 and 2 Flashcards

1
Q

In a developing country

A
  • little industrialization
  • low standard of living
  • average income low
  • large % work for self/small
    businesses
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2
Q

In a developed country

A
  • advanced industrialization/
    technology
  • high standard of living
  • average income high
  • Large % work for big
    businesses
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3
Q

Formal business

A
  • formal procedures + policies
  • Large or small size
  • employ a number of people
    that pay tax
  • permanent recognized
    address
  • keep official records, pay
    taxes
  • use sophisticated marketing
    methods
  • may use advanced technology
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4
Q

Informal business

A
  • no formal procedures +
    policies
  • Usually small size
  • Do not employ people
    that pay tax
  • Employ less skilled
  • do not have permanent
    recognized address
  • simple & less sophisticated
  • have uncertain income
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5
Q

Name 3 types of business

A

Trading Business
(retail/sells goods)
Manufacturing Business
Service Business

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6
Q

Trading Business
(retail/sells goods)

A
  • Sell goods made by
    Manufacturing Business
  • Buy @ ‘n price sell @ higher
  • Formal - sell from shops
  • Informal - sell from markets
    or home
  • eg Clothing shops,
    supermarkets, car traders, toy
    shop
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7
Q

Manufacturing Business

A
  • Make products
  • Use raw materials/semi
    finished products into
    finished products
  • Sell to businesses or people
  • Formal - well-equip factories
  • Informal - could operate from
    home
  • eg Bakeries, clothing
    factories, abattoirs
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8
Q

Service Business

A
  • Sell their skills & time
  • Provide a service for a fee
  • formal - operate from home
    or premises
  • informal - home or anywhere
  • eg doctors, motor mechanic,
    hair dresser, electrician,
    painter, dry cleaner
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9
Q

Definition of an Entrepreneur

A

A person who sets up or buys a business, taking on financial risks in the hope of profit

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10
Q

6 Characteristics of an Entrepreneur

A
  • Innovative
  • Committed & dedicated
  • Motivated & independent
  • Energetic
  • Risk taking
  • Bold & courageous
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11
Q

5 Skills an Entrepreneur must have

A
  • Communication
  • Planning
  • Marketing
  • Management
  • Financial
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12
Q

What actions does an Entrepreneur preform

A
  • Buy
  • Sell
  • Produce
  • Make a profit
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13
Q

Action of buying

A

First action is to buy/purchase equipment, raw materials or stock
eg furniture, computers, machinery or vehicles - known as capital goods

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14
Q

Action of producing

A

Producing include, providing goods & services that customers want for which they will pay
Producing is the action of making the product - taking raw materials & turning them into something useful to be sold
Not all bushiness produce goods - Service

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15
Q

Action of selling

A

Persuading customers to buy a product or service
Selling involves advertising & marketing
Explaining how a product works or the benefit to customers
Important that customers are satisfied = come back

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16
Q

Action of making a profit

A

This is the goal of the business
No profit = business closes
Financial records are kept to keep track of the income & expenses

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17
Q

Basic needs & wants of individuals

A

Air to breath
Water to drink / wash
Food to eat
Shelter to be protected
Fuel for warmth / cooking
Clothing

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18
Q

Basic needs of families

A

Safety & security
Providing - working to provide the needs of your family eg food, education
Recreation - rest, relax and play
Primary health care
Cultural needs - religious, other beliefs

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19
Q

Basic needs of a comunity

A

Health services - hospitals, clinics
Transport services - roads, busses trains
Commutation services - postal, telephone, internet
Education services - schools, university
Waste disposal - sewage system, garbage removal
Safety & security - police, army, fire-fighters

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20
Q

Basic needs of a country

A

Natural resources
Money to pay for infrastructure
Land for farming
Education & trained labour

21
Q

Maslow

A

Basic - Survival
Then - Security
Then - Social
Then - Self-esteem

22
Q

Needs & wants affect communities in the following ways

A

Determine what goods & services are sold
Can effect how community works
Poor will not be able to spend money @ local shops
Rich will be able to spend money @ local shops
Needs of a country is met by local government

23
Q

What is a source

A

Things that help us do something
They satisfy wants a and needs
Things we use to produce goods & services

24
Q

Name 3 kinds of sources we get

A

Natural
Human
Human-made

25
Q

Limited resources

A

Wants & needs are unlimited
Resources are often limited - water
Limited - not a lot of
Use resources carefully - reuse
Most common limited resource is MONEY

26
Q

Non-renewable resource

A

Can run out & can not be replaced

27
Q

Renewable resource

A

Will not run out & can be replaced

28
Q

What are Free Goods

A

Not scarce found in abundance
High supply results in zero price
Zero price dependent on situation
eg air @ bottom of mine

29
Q

Economic goods

A

Goods that are not free
Scarce or limited - have market price
Any good which people pay for
Price influence by scarcity

30
Q

What is the economic problem

A

Unlimited wants & needs but Limited resources

31
Q

3 Factors of production

A

What to produce?
How much to produce?
Who gets to consume the products that are produced?

32
Q

Technical efficiency

A

Country must use all resources to the full, in a way that gets the most production out of them

33
Q

Allocation efficiency

A

Country must produce more of the good and services that are in highest demand

34
Q

Needs & wants satisfied by water

A

Habitat for animals
People need water to drink, cook, clean
To grow plants
To make electricity

35
Q

Budget

A

A plan of how much money you have & how you will spend it
An Estimate of future income & expenses

36
Q

Why are budgets important

A

Keeps contol of finances
Help stay out of debt
Help save money
Identify areas spending to much
Decide what are more important - basics before luxury
It changes as your income changes

37
Q

Who prepares budgets

A

Individuals
Households
Businesses
Governments
Non-profit organisations

38
Q

What does personal budgets help with

A

Puts you in control of your money
Helps set goals
Inspires culture of planing & saving - investment in future

39
Q

Two main parts of Budget

A

Expected Expenditure
Expected Income

40
Q

Examples of Expenditure

A

Capital costs
Running costs
Staff costs
Operational costs

41
Q

Examples of Income

A

Donor funds
Donations
Fundraising
Sales
Commission
Salary

42
Q

What does SWOT stand for

A

Strengths (internal/good)
Weaknesses (internal/bad)
Opportunities (external/good)
Threats (external/bad)

43
Q

The 4 P’s of marketing

A

Product
Price
Place
Promotion

44
Q

3 Types of media used

A

Print Media
Broadcasting
Internet

45
Q

Advantages & Disadvantages of Print media

A

A: Cheap
D: Only in black & white

46
Q

Advantages & Disadvantages of Broadcasting

A

A: Large group of people
D: Very expensive

47
Q

Advantages & Disadvantages of Internet

A

A: New market Place
D: Limited due to access

48
Q

What are the principals of Advertising

A

AIDA
Attention/Awareness
Interest
Desire
Action

Matthew Grade 7 (4 decks)

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