hass econmy

Question 1

What is a producer?

Answer 1

Someone who supplies goods and services to consumers

Question 2

what is a consumer?

Answer 2

Someone Who buys goods and services

Question 3

what are goods

Answer 3

A physical product that is supplied to consumers that you can physically own.

Question 4

what are services

Answer 4

An action being done for you such as a hair cut

Question 5

what is opportunity cost

Answer 5

The next best thing

Question 6

what are the 4 factors of production

Answer 6

Labour,Land,captial,Entiprise

Question 7

what is an example of land -speaker

Answer 7

The mine where the raw elements for the speaker is produced

Question 8

what is an example of labour? -speaker

Answer 8

The people who mine the raw materials

Question 9

what is an example of capital? -speaker

Answer 9

the machines used to make the speaker

Question 10

what is an example of enterprise -speaker

Answer 10

the company that makes the speaker

Question 11

what does the retail market deal with

Answer 11

Goods and services

Question 12

what does the labour market deal with

Answer 12

the supply of and demand for labor

Question 13

draw a circular flow diagram of income

Answer 13

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

Question 14

What is exchanged in the stock market

Answer 14

stock shares

Question 15

what is a share

Answer 15

a part of the company you can own by paying money

Question 16

What can cause stocks prices to change

Answer 16

rapid selling or buying of stock, scandals and natural disasters

Question 17

what does AXS stand for

Answer 17

auslian stocks exchange

Question 18

what is some exples of government regulations on business?

Answer 18

• tax
  -minimum wage

Question 19

what are the positives and nebegtives of govemnt reguation

Answer 19

-positives more money in economy, workers treated better
-negatives harder for business to grow

Question 20

what are negtive extranilty

Answer 20

something that negtivly affects a 3rd party from an economic transaction.

Question 21

what is a franchise?

Answer 21

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

Question 22

what is a sole trader?

Answer 22

a sole person owning a business

Question 23

what is a partnership

Answer 23

Two or more people owning a business

Question 24

what are collectives

Answer 24

a business owned and operated by a group of individuals who share a common goal

Question 25

what are companies

Answer 25

a legal entity formed by a group of individuals

Question 26

what is protected by the Competition and Consumer Act 2010

Answer 26

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.

Question 27

what is a private company

Answer 27

a company whose shares may not be offered to the public for sale