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Y9 Commerce > The Nature and Consumer and Financial decisions > Flashcards

The Nature and Consumer and Financial decisions Flashcards

1
Q

Goods

A

Things that are produced and tangible

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2
Q

Services

A

Things that one does for someone for payment

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3
Q

Durable Good

A

A good that can be used several times

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4
Q

Non-durable Good

A

A good that can only be used once

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5
Q

Opportunity Cost

A

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

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6
Q

What are the 4 types of resources

A

Land, labour, capital and enterprise

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7
Q

Land

A

Natural resources, such as forests and rivers

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8
Q

Commerce

A

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

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9
Q

Consumer

A

One who purchases goods and services

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10
Q

Labour

A

The physical and mental effort of workers

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11
Q

Capital

A

Goods that are used to make other goods

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12
Q

Enterprise

A

The ability to combine resources to earn a profit

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13
Q

Disposable Income

A

Money available after tax

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14
Q

Comparison Shopping

A

Contacting a number of sellers to obtain the best deal

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15
Q

E-commerce

A

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

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16
Q

E-tailer

A

Electronic retailer

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17
Q

Distribution Chain

A

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

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18
Q

Manufacturer

A

Produce the products

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19
Q

Wholesaler

A

Buys the products in bulk

20
Q

Retailer

A

Sells the products to the consumers

21
Q

Mail order

A

A system of shopping through the mail

22
Q

Online shopping

A

A system of shopping through the internet

23
Q

Convenience stores are aka ___

A

Corner Stores

24
Q

Convenience Store

A

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

25
Q

Types of retailers

A

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

26
Q

Specialty Store

A

Specialise in a good or service

27
Q

Discount Variety Store

A

Cheap and have a large range of stock

28
Q

Factory Outlet

A

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

29
Q

Department Store

A

Extremely large range of stock and buys in bulk

30
Q

Supermarket

A

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

31
Q

Pros and Cons: Buying locally

A

Fresh, limited variety and convenient

32
Q

Pros and Cons: Buying regionally

A

Variety, all stores close, parking and convenient

33
Q

Pros and Cons: Buying Globally

A

Not fresh, large variety, untrustworthy, long wait

34
Q

Different payment options

A

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

35
Q

Cash

A

Coins and notes

36
Q

Credit

A

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

37
Q

What does EFTPOS stand for

A

Electric Funds Transaction at Point Of Sale

38
Q

EFTPOS

A

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

39
Q

BPay

A

An intermediary that you pay for bills

40
Q

Cheque

A

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

41
Q

Lay-By

A

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

42
Q

Book-Up

A

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.

43
Q

Superannuation

A

9.5/12% of your wage dedicated to your retirement

44
Q

PAYG stands for

A

Pay As You Go

45
Q

Direct debit

A

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

46
Q

Impulse buying

A

Buying something without plan and on instinct

Y9 Commerce (3 decks)

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