hass econmy Flashcards
What is a producer?
Someone who supplies goods and services to consumers
what is a consumer?
Someone Who buys goods and services
what are goods
A physical product that is supplied to consumers that you can physically own.
what are services
An action being done for you such as a hair cut
what is opportunity cost
The next best thing
what are the 4 factors of production
Labour,Land,captial,Entiprise
what is an example of land -speaker
The mine where the raw elements for the speaker is produced
what is an example of labour? -speaker
The people who mine the raw materials
what is an example of capital? -speaker
the machines used to make the speaker
what is an example of enterprise -speaker
the company that makes the speaker
what does the retail market deal with
Goods and services
what does the labour market deal with
the supply of and demand for labor
draw a circular flow diagram of income
https://upload.wikimedia.org/wikipedia/commons/thumb/4/4a/Five_Sector_Circular_Flow_of_Income_Model.jpg/444px-Five_Sector_Circular_Flow_of_Income_Model.jpg
What is exchanged in the stock market
stock shares
what is a share
a part of the company you can own by paying money
What can cause stocks prices to change
rapid selling or buying of stock, scandals and natural disasters
what does AXS stand for
auslian stocks exchange
what is some exples of government regulations on business?
- tax
-minimum wage
what are the positives and nebegtives of govemnt reguation
-positives more money in economy, workers treated better
-negatives harder for business to grow
what are negtive extranilty
something that negtivly affects a 3rd party from an economic transaction.
what is a franchise?
a company that hands out the brand to small companies with a set of rules and the downfall of the business is on the small business not the company
what is a sole trader?
a sole person owning a business
what is a partnership
Two or more people owning a business
what are collectives
a business owned and operated by a group of individuals who share a common goal
what are companies
a legal entity formed by a group of individuals
what is protected by the Competition and Consumer Act 2010
Anti-Competitive Conduct: This is when businesses act in ways that unfairly limit competition, making it hard for others to compete fairly in the market.
Price Fixing: When companies work together to set prices instead of letting them be determined by competition, which is unfair and can harm consumers.
Unconscionable Conduct: This happens when a business takes advantage of a customer’s lack of knowledge or understanding, treating them unfairly.
Advertising Issues: This refers to problems with how businesses advertise their products or services, like making false claims that mislead customers.
what is a private company
a company whose shares may not be offered to the public for sale
