Year 11 Term 1

Question 1

What are 3 Positives of Globalisation for consumer

Answer 1

• Cheaper prices due to competition
• More choice for what brands to buy
• You can buy from the comfort of your own home

Question 2

What are 3 Negatives of Globalisation for consumer

Answer 2

• Local family run stores could dissapear
• Exploitation of labor, specially in china
• Black market and deep web are available easily

Question 3

What role do businesses play in society

Answer 3

They: *Provide employment

• Provide goods and services to consumers
• They increase the countrys GDP
• They provide a higher standard of living to employee
• They provide stability in the market
• They provide tax to the government

Question 4

What is a Good

Answer 4

Goods are items that can usually be seen or touched

Question 5

What is a Service

Answer 5

a Service is usually a job that is done for you.

Question 6

What is a wage

Answer 6

It is money recieved weekly for hours worked

Question 7

What is a salary

Answer 7

It is a fixed amount paid yearly for a stable job.

Question 8

What is a monopoly

Answer 8

A monopoly is a concentration by one firm in the industry. An example of this is Australian Post.

Question 9

What is an Oligopoly

Answer 9

This consists of a small number of larger firms that dominate. An example of this are banks such as combank

Question 10

What are the 3 main institutional influences

Answer 10

1. Government
2. Regular Bodies
3. Other

Question 11

What does the quality of life refer to.

Answer 11

Quality of life refers to the overall wellbeing of an individual and is a combination of both material and nonmaterial benefits

Question 12

What is innovation

Answer 12

Innovation is an improvement on something already established.

Question 13

What is an entrepreneur

Answer 13

An entrepreneur is someone who transform their ideas into new business.

Question 14

What is some internal influences

Answer 14

• Employees
• Managment
• Location
• Resource Managment

Question 15

What are some external Influences

Answer 15

• Governemnt Choices
• Social Trends
• Technology Changes
• Political Changes

Question 16

How do you classify a business on size

Answer 16

You classify them based off of if they are a Small to Medium Enterprise (SME) or large.

Question 17

What is a local business

Answer 17

A local business is based in the local area and supplies a variety of goods and services that are needed in the local area.

Question 18

What is a national business

Answer 18

A national business is a business that operates within the borders of a country and supplies goods and services to the people of that country.

Question 19

What is a global business

Answer 19

A global business operates worldwide and is mostly done through the internet of globalization. They supply goods and services to everyone in the world.

Question 20

What is a primary, secondary, teritary, quaternary or quinary business

Answer 20

a primary something to do with raw materials such as mining. secondary is goods made from the resources gained from the primary sector. Tertiary is just services such as a school. Quaternary is the use of knowledge to do it such as research and programming. Quinary is all jobs that used to be done at home in the past.

Question 21

What is a government enterprise

Answer 21

It is a business where the government has significant control in it. It is also a separate legal entity.

Question 22

What are the 4 stages of the business life cycle

Answer 22

1. Establishment
2. Growth
3. Maturity
4. Post Maturity

Question 23

What are factors that can contribute to business decline

Answer 23

• Social Trends
• Too much innovation
• Not enough innovation/ diversification

Question 24

What is voluntary Cessation

Answer 24

Voluntary cessation means the business owners choose to stop operating.

Question 25

What is involuntary Cessation

Answer 25

Involuntary Cessation. An act done against one’s will. The creditors/ stakeholders choose to shutdown the business so they can get some of there money back.

Question 26

What is a stakeholder

Answer 26

Stakeholders are people who have bough parts of the company. They give the company money to have a say and percentage in the total revenue. A person having more than 50% of the company always make the decisions.

Question 27

What is Vertical Expansion

Answer 27

It is when you want to make decisions in an industry/ company so you buy out the suppliers and shit and then charge more to people. Example is magazines use the same paper company to print there shit. A company buys the printing company and charges more.

Question 28

What is Horizontal expansion

Answer 28

It is when you just buy out competition companies for your own good. Really toxic.