Terms A

Question 1

Aboriginal and Torres Strait Islander Peoples

Answer 1

The first people of Australia that are represented by over 250 language groups, Torres Strait Islander peoples are represented by 5 major island groups and islands to the north of cape york.

Question 2

Access (to the law)

Answer 2

The opportunity for everyone to receive appropriate assistance

Question 3

Accessibility

Answer 3

To the extent that a system, environment or object may be used not taking into account a users capabilities or abilities

Question 4

Competitive Advantage

Answer 4

An advantage that a business has over others in its industry

Question 5

Consumer Redress

Answer 5

Options available for purchasers of goods or services to resolve issues that arise when consumer guarantees are not met

Question 6

Copyright

Answer 6

Protection provided to the creators of original works that helps control the reproduction of their creations

Question 7

Corporate Social Responsibility

Answer 7

When businesses consider the interests of stakeholder, society and the environment when making economic and business decisions

Question 8

Customary

Answer 8

Relates to customs or practices associated with a particular society, place a set of circumstances

Question 9

Customary law

Answer 9

Comprehensive systems of governance in Aboriginal and Torres Strait Islander cultures

Question 10

Customary Trade

Answer 10

The practice and systems associated with trade between groups in Aboriginal and Torres Strait Islander cultures

Question 11

Disability

Answer 11

A term for impairments, activity limitations and participation restrictions

Question 12

Collaboration

Answer 12

Working with others through a variety of communication

Question 13

Diversity

Answer 13

Differences that exist in a group

Question 14

Economic Reasoning

Answer 14

Applying the principles of economics to understand possible causes and effects of economic events and changes

Question 15

Interdependence

Answer 15

A joint dependence between participants in an economy

Question 16

Economic Sustainability

Answer 16

Economic activity that supports economic needs of the present without compromising the ability of future generations to meet theirselves

Question 17

Enterprise

Answer 17

A project or undertaking that may relate to a business, organisation, community or government agency

Question 18

Entrepenur

Answer 18

A person who sets to build a successful business in a new field

Question 19

Indigenous Cultural and Intellectual Property

Answer 19

Objects, sites, cultural knowledge expression and arts that have gone through generations belonging to a particular group

Question 20

Intellectual Property

Answer 20

Non material assets that belong to a particular individual or community

Question 21

Markets

Answer 21

An exchange of goods, services or resources between buyers and sellers

Question 22

Economy

Answer 22

All activities undertaken in a region or country

Question 23

Trade Off

Answer 23

A sacrifice that must be made when choosing resources, the next best alternative is the opportunity cost

Question 24

Sharing Economy

Answer 24

The state hire or lease of goods via an online platform

Question 25

Superannuation

Answer 25

Money set aside during ones working life for retirement

Question 26

Opportunity Cost

Answer 26

What you have to forego if you choose to do A rather than B