The Nature and Consumer and Financial decisions

Question 1

Goods

Answer 1

Things that are produced and tangible

Question 2

Services

Answer 2

Things that one does for someone for payment

Question 3

Durable Good

Answer 3

A good that can be used several times

Question 4

Non-durable Good

Answer 4

A good that can only be used once

Question 5

Opportunity Cost

Answer 5

What an individual forfeits for something else or saving up for something else.

Question 6

What are the 4 types of resources

Answer 6

Land, labour, capital and enterprise

Question 7

Land

Answer 7

Natural resources, such as forests and rivers

Question 8

Commerce

Answer 8

The buying and selling of goods and services between individuals and businesses

Question 9

Consumer

Answer 9

One who purchases goods and services

Question 10

Labour

Answer 10

The physical and mental effort of workers

Question 11

Capital

Answer 11

Goods that are used to make other goods

Question 12

Enterprise

Answer 12

The ability to combine resources to earn a profit

Question 13

Disposable Income

Answer 13

Money available after tax

Question 14

Comparison Shopping

Answer 14

Contacting a number of sellers to obtain the best deal

Question 15

E-commerce

Answer 15

The buying and selling of information, goods and services via the internet

Question 16

E-tailer

Answer 16

Electronic retailer

Question 17

Distribution Chain

Answer 17

The chain of which products usually pass from the manufacture to the consumer

Question 18

Manufacturer

Answer 18

Produce the products

Question 19

Wholesaler

Answer 19

Buys the products in bulk

Question 20

Retailer

Answer 20

Sells the products to the consumers

Question 21

Mail order

Answer 21

A system of shopping through the mail

Question 22

Online shopping

Answer 22

A system of shopping through the internet

Question 23

Convenience stores are aka ___

Answer 23

Corner Stores

Question 24

Convenience Store

Answer 24

Usually attached to service stations, high prices, limited variety but high convenience

Question 25

Types of retailers

Answer 25

Convenience, specialty, discount variety, factory outlet, department and supermarket

Question 26

Specialty Store

Answer 26

Specialise in a good or service

Question 27

Discount Variety Store

Answer 27

Cheap and have a large range of stock

Question 28

Factory Outlet

Answer 28

Near the factory and is cheap due to the lack of transportation and wholesalers aren't involved

Question 29

Department Store

Answer 29

Extremely large range of stock and buys in bulk

Question 30

Supermarket

Answer 30

Self-serving (as an option) stores that offer an extremely large range of products

Question 31

Pros and Cons: Buying locally

Answer 31

Fresh, limited variety and convenient

Question 32

Pros and Cons: Buying regionally

Answer 32

Variety, all stores close, parking and convenient

Question 33

Pros and Cons: Buying Globally

Answer 33

Not fresh, large variety, untrustworthy, long wait

Question 34

Different payment options

Answer 34

Cash, debit, credit, BPay, direct debit, cheque, lay-by and book-up

Question 35

Cash

Answer 35

Coins and notes

Question 36

Credit

Answer 36

The bank's money and you pay the bank later. Has interest

Question 37

What does EFTPOS stand for

Answer 37

Electric Funds Transaction at Point Of Sale

Question 38

EFTPOS

Answer 38

A computerised system that the consumer's money is transferred to the business'

Question 39

BPay

Answer 39

An intermediary that you pay for bills

Question 40

Cheque

Answer 40

A note that is worth a certain amount. The person withdrawing the money from the bank is the drawer and the bank is the drawee. The person receiving the money is the payee

Question 41

Lay-By

Answer 41

A payment method when you pay a small deposit and you slowly pay it off and take the item at the end

Question 42

Book-Up

Answer 42

Credit provided by the retailer so that you can purchase goods from the retailer and pay for it at a later date. This must be paid back within a set period of time.

Question 43

Superannuation

Answer 43

9.5/12% of your wage dedicated to your retirement

Question 44

PAYG stands for

Answer 44

Pay As You Go

Question 45

Direct debit

Answer 45

The bank automatically withdraws and transfers the money to business, usually bills

Question 46

Impulse buying

Answer 46

Buying something without plan and on instinct