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EBS 2018 > Term 2 > Flashcards

Term 2 Flashcards

1
Q

What is a capital resource?

A

A resource used in production and depreciates over time.

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2
Q

Do laws change? Why/Why not?

A

Laws are constantly being made revised and removed.

This is often because of changes in technology and changing values in society.

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3
Q

What are the types of law?

A 
Criminal Law (Law set and punishable by the state)
Civil Law (Relations between people)
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4
Q

What is New Zealand’s law based on?

A

The Westminster system from the UK

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5
Q

What is common law?

A

Law that is based on precedents

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6
Q

What is statute law?

A

Law that is created by Acts Of Parliament

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7
Q

What is a crime?

A

An act intentionally committed (or omitted) that is in violation of the law forbidding (or commanding) and that is punishable.

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8
Q

What are the categories of crime?

A 
Crimes against:
M - Morality
A - Administration of justice
P - Person
P - Property
S - State
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9
Q

What are the factors considered in crime when an act is COMMITTED?

A

Behavior, Consequences, and Circumstances, although not all are required for a crime to be committed.

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10
Q

What are custodial sanctions? Give examples…

A

When the criminal is required to have restricted liberty for a specified period of time. Eg.

Imprisonment - Certain period set by judge at different security levels
Preventive Detention - Indefinite period for offenders who pose an ongoing risk to community
Life Imprisonment - Indefinite period reserved for MOST SERIOUS crimes

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11
Q

What are the factors considered in crime when an act is OMITTED?

A

Special responsibilities, special relations, and statutory compliance.

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12
Q

What is imprisonment reserved for?

A

The court can only impose a sentence of imprisonment if it satisfied that a satisfactory result cannot be achieved from any other sentence.

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13
Q

What are the purposes of custodial sanctions?

A

To punish, keep community safe, and to rehabilitate

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14
Q

What are non-custodial sanctions? Give examples…

A

Community-based sentences. Instead of going to prison, and the offender is punished by community-based organizations. Eg.

Home Detention - Offender is to remain at an approved address and monitored using an anklet
Community Work - Offender has to do unpaid work for non-profit organisations
Supervision - Offender has to follow certain rules and report regularly to CPPS. Extended supervision is just a more intense version.
Community Detention - Anklet monitored curfews
Fines - Payment of money to the court
Reparation - Financial payment to the victim

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15
Q

What are some factors which contribute to crime?

A

Family, poverty, mental state, drugs, moral ethics, peers, media, location, consequences, etc.

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16
Q

What are the levels of the NZ court hierarchy?

A

Different tribunals/lower courts

  • > District Court
  • > High Court
  • > Court Of Appeal
  • > Supreme Court of NZ
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17
Q

What is ‘Caveat Emptor’?

A

Let the buyer beware.

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18
Q

What is the primary purpose of consumer law?

A

To provide a degree of protection for consumers about goods and services bought.

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19
Q

What does the CGA cover?

A

Tangible goods and services done for you(intangible).

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20
Q

What guarantees do you have with goods?

A
  • Fit for intended purpose
  • Match description
  • Be of reasonable quality
  • Be of a reasonable price if not agreed beforehand
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21
Q

What guarantees do you have with services?

A
  • Done with reasonable care or skill
  • Fit for intended purpose
  • Provided within a reasonable timeframe
  • Be of a reasonable price if not agreed beforehand
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22
Q

What remedies can you get with faulty goods?

A

Repair/Replace/Refund at seller’s discretion and must be reasonable.

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23
Q

What remedies can you get with faulty services?

A

If the service does not meet the guarantees and qualifies for the CGA, the service provider should fix the issues for free.

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24
Q

Who enforces the FTA?

A

The NZ Commerce Commission

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25
Q

What is the aim of the FTA?

A

To regulate company behavior BEFORE sale and prevent consumers from being misled or treated unfairly by shops

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26
Q

What does the FTA cover?

A
  • Misleading conduct
  • Unsubstantiated representation
    • -> telling you a product is better than it really is
  • False Representation
    • -> Lies about product
  • Unfair practices
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27
Q

What is the ‘cooling off’ period in uninvited sales?

A

The consumer gets 5 working days where a contract may be cancelled. This only applies if the sale is uninvited (door to door or telemarketing).

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28
Q

What are exceptions to be able to receive the ‘cooling off’ period in uninvited sales?

A
  • Product worth less than $100
  • Paid in Cash
  • If you invite them
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29
Q

In a sale, the price must be…

A

Marked down for a limited time

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30
Q

Do shops have to honor pricing mistakes?

A

No. They don’t.

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31
Q

What are the consequences of a breach of FTA?

A

Individuals -> Up to $200 000 Fine

Businesses -> $200 000 to $600 000 Fine

32
Q

What is ‘Bait Advertising’ and is it legal?

A

‘Bait advertising’ is when firms advertise a product that is unavailable in store in an attempt to lure customers into shops. This is ILLEGAL in NZ under FTA.

33
Q

What is ‘Comparative advertising’ and is it legal?

A

It is a direct comparison between your product and competition. It is legal under FTA but cannot mislead or deceive.

34
Q

What is ‘Puffery’ and is it legal in NZ?

A

Puffery is using hyperboles to describe products. It is legal under FTA but must be exaggerations so obvious they cannot realistically mislead people. It must be an opinion, not fact (cannot say “most economical” or “fastest”).

35
Q

Can contracts be verbal?

A

Yes although they are hard to enforce unless a witness is present.

36
Q

What are the 3 characteristics all contracts have?

A
  • An offer is made
  • The offer is accepted
  • Something of value is exchanged
37
Q

What must a legally valid contract contain on top of the 3 common characteristics?

A
  • No Duress (no force or threat)
  • Capacity (Legally competent)
  • Legal business under NZ law
  • Intention to create a serious agreement
38
Q

What is a void contract?

A

Unenforceable as one or more of the 6 elements are broken.

39
Q

What is insurance?

A

A system of sharing risk

ie. a financial service

40
Q

What is the no.1 cause of claims in NZ?

A

Natural Disasters

41
Q

What are the four principles of insurance?

A
  • Utmost Good Faith (all dealings done with honesty)
  • Duty Of Disclosure ( Up to you to disclose all relevant info relating to risk assessment)
  • You should not profit from insurance ( instead you should receive compensating up to and equal to loss)
  • Insurable Interest (You can only insure items you own or have a financial interest in)
42
Q

What are the 3 types of car insurance?

A
  • Third Party Only
  • Third Party, FIre, and Theft
  • Comprehensive cover
43
Q

What is ‘Premium’ in terms of insurance?

A

The amount you pay for insurance

44
Q

What is ‘Excess’ in terms of insurance?

A

The contribution you make to the claim as a policyholder

45
Q

What is ‘Exclusions’ in terms of insurance?

A

What the insurers don’t cover

46
Q

How common is insurance fraud and why?

A

Insurance fraud is very common because it is relatively easy to get away with.

47
Q

What are some common examples of insurance fraud?

A
  • Failing to comply with all of the principles of insurance
  • Over-stating claims
  • Claiming for items never owned.
48
Q

Is insurance fraud a ‘victimless’ crime?

A

No, because the victims are all the people who take out policies and have to pay higher rates to cover for these frauds.

49
Q

What are alternative names for resources?

A

Inputs, Factor Inputs, and Factors of Production

50
Q

What are the 4 factors of production?

A

Natural ‘Land’ Resources
Capital Resources
Human ‘Labour’ Resources
Entrepreneurship

51
Q

What are natural resources?

A

All flora, fauna, and minerals that exist and are able to be extracted from the planet.

52
Q

Geo: Why does access to natural resources vary internationally?

A

Because of climate, weather, laws etc.

53
Q

What is the Resource Management Act and what does it cover?

A

The RMA is a comprehensive law on resource and land use. It covers the extraction and pollution of natural resources.

54
Q

What is the RMA based on?

A

The concept of sustainable resource management.

55
Q

What are the consequences of breaching the RMA?

A

Fines: Individuals up to$300,000
Businesses up to $600,000
Alternatively up to 2 years imprisonment

56
Q

Why is the distance from markets a big factor in production?

A

Because food would be preferably delivered fresh, transport costs would be preferably kept to a minimum, and carbon footprint is an increasingly important factor for businesses to consider.

57
Q

What is productivity and how is it calculated?

A

Productivity is a measure of output in relation to input ie. efficiency.
Productivity = output/input x100%

58
Q

What are capital resources?

A

All human-made output used in production.

59
Q

What is ‘Investment’ in a business?

A

Purchase of capital

60
Q

What is depreciation?

A

By definition, all capital goods depreciate.

This means they wear out and require maintenance.

61
Q

What is capital productivity?

A

A measure of output per machine

62
Q

What are human resources?

A

Labourers/Employees in a business who work for an entrepreneur

63
Q

What is human capital?

A

All skills, abilities, qualifications, experience, education, and training a worker has.

64
Q

What is an entrepreneur?

A

An economic risk taker who organizes the other factors of production to make output.

65
Q

What are common characteristics of an entrepreneur?

A

Optimism
Passion
Determination
Resilience

66
Q

How easy is it to start a business in NZ?

A

Relatively easy compared to the rest of the world.

67
Q

How do businesses begin?

A

With an entrepreneur and an idea (original, improvement, or duplication).

68
Q

What are some common business objectives?

A
  • Make Profit
  • Solve problems
  • Work for yourself
  • Interest
  • Survival and growth
69
Q

What is the difference between a business aim and an objective?

A

Aims can be relatively general and are usually incorporated into a mission statement.
Objectives are specific and provide clearly defined target criteria:
-S pecific
-M easurable
-A greed
-R ealistic
-T ime specific

70
Q

What is a mission statement?

A

A mission statement is a statement that sets out the vision and values of the business that helps shareholders better understand the underlying basis of decisions that are being made.

71
Q

What are the types of sources of finance when starting a business?

A

Debt Finance - Borrowed funds which require repayment with varying interest
Equity Finance - Sell part ownership for money and does not require repayment

72
Q

What are the 3 common types of business organisations?

A

Sole owner
Registered company
Partnership

73
Q

What are the advantages/disadvantages of entering into a sole ownership?

A

+Easy and cheap to establish
+Owner keeps all profits
+Owner makes all decisions

  • More workload
  • Limited human capital
  • Big economic risk (owner is personally liable for all business debt)
74
Q

What are the advantages/disadvantages of starting a registered company?

A

+Provides protection of Limited Liability (Owner and business are 2 separate legal entities)
-Must pay to get registered

75
Q

What are the advantages/disadvantages of entering a partnership?

A 
\+More human capital
\+Shared workload
\+Shared risk
\+Shared cost
\+/-Need agreement on decisions
-Shared profit
76
Q

What are the advantages of B.B. Wu making EBS flashcards?

A

He makes them with the utmost care and skill in order to ensure 100% accuracy. He is also kind, helpful, caring, understanding, patient, and loving.
He strives to:
1. Be honest
Honesty is a way of life. It means you don’t steal, you don’t cheat on your taxes and you are faithful to your spouse. Here’s a quick test to determine your level of honesty: You give a cashier $10 for a magazine, candy and soft drink. The tab comes to $8.15. Instead of giving you $1.85 in change, she gives you $10.85. That is, instead of a $1 bill, you get a $10 bill. You notice it immediately. What do you do?

  1. Be happy
    It’s not about money, looks or status. Being genuinely grateful for what you have and looking forward to the dawn of each day can make you feel a kind of happiness that is contagious.
  2. Be respectful of others
    When you treat others as you would like to be treated, you are showing the ultimate kind of respect.
  3. Be easygoing and fun
    As the old saying goes, “Live, laugh, love.” Slow down from life’s frantic pace and have fun–whether it’s an unscheduled day playing hooky from your responsibilities or just a few minutes respite from the grind.
  4. Be confident
    Once you accept there is always someone out there who is better than you, you can realize your own abilities. Be confident in what you can–and cannot–do.
  5. Be emotionally open
    Be open and honest with those you love. Express your opinions and listen to theirs without criticizing.
  6. Be disciplined
    No one is watching over your shoulder when you slack off–except you. Self-discipline means you have a finely tuned sense of ethics, of what is right and what is wrong, and you act accordingly. You are strong enough to say no to life’s many temptations, from food to drugs to illicit sex.
  7. Take pride in yourself
    While too much pride can be seen as sinful, we all need to feel some pride in who we are, where we live and what we do. That kind of pride helps define who you are in your world.
  8. Be compassionate
    Being empathic to the needs of others and doing good deeds to ease others’ suffering is one of the most basic acts of kindness and goodness we accomplish as human beings.
  9. Have a sense of humor
    You have to be able to laugh, especially at yourself. There is humor in almost every situation. You just have to find it. And laughing is almost always better than crying.

EBS 2018 (3 decks)

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