Revision Flashcards
What are the different resources and what are the definitions?
Human-people. They make up the workforce of the country
Natural-land,animals and water coal and gold are natural resources from underground and are also called mineral sources
Capital-things that have been built like factories and mines and the money the government uses.
What is in Maslow’s hierarchy of needs?
Bottom basic needs 2nd safety shelter stability protection freedom from fear
What public services does the government provide?
Educational (schools), medical,refuse,garbage collection,police,law and order,sanitation,water,transport (roads and public transport).
What are the characteristics of a self sufficient society
Drink water from a local source (river,stream,dam)
Eat fruit and vegetables from the land. (Self grown or grown by someone local)
Cattle,chicken etc provide meat,milk and hides for clothing and warmth
What are the stages of the economic cycle
Starts from the (cow the producer) then milking the cow then selling the milk then the same thing again
What are the different taxes
Direct tax- money paid directly to the government- income tax,inheritance tax,company tax
Indirect tax- money not paid directly to the government, it goes through a third party. Vat (VALUE ADDED TAX), fuel tax, car license tax,television tax,rates and taxes,excise tax,toll road tax.
What is the purpose of saving?
Secure a good financial future
Ensures that basic needs are affordable and perhaps a few wants.
Start saving from a young age, the earlier you start saving the more interest you will earn
Simple interest -the basic interest you earn (R1000.00 in your bank account you earn 10% per month that will give mean you now have (R1010.00 in your bank account , each month the balance goes up and you get interest on the interest).
What is an entrepreneur
An entrepreneur is a person who starts a business to make a profit./ one who takes the responsibility and the risk for the business operation expecting to make a profit.
What is a formal business
Receives a regular monthly salary
Gets paid overtime (weekends and public holidays)
Gets paid when on leave
Gets paid when away from work because of illness
Gets accouchement leave
Example: lawyer,teacher,shop assistant.
What is an informal business?
Does not receive a regular monthly salary
Does not get paid overtime
Does not get paid while on leave
Does not get paid when away from work because of illness
Example:Street vendor
What are the types of business
Trading-selling. Example: spar,checkers,tiger wheel and tyre
Manufacturing-making.Example: bakery,fast food outlet,brickyard
Servicing-provide a service to customers. Example: hairdresser,shoe shiner,beauty salon,taxi,dry cleaner
What is a marketing mix
Product:something people need or want
Price:affordable or good value for money
Place:where is the business located
Promote:advertising or promotion of a product
What is target marketing?
Who you are selling to and what type of people you are appealing to.
What is the business planing cycle
Business VS Planning
Business
Producer:Produce and shop staff
Input:What is put in
Process:Skills to produce make
Planning
Consumer:Customers
Output:What is produced?
