Yr 9 Business and Economics

Question 1

What are the 2 sectors?

Answer 1

Manufacturing and service

Question 2

Service Sector

Answer 2

provide intangible experience and services, and more is reliant on human interactions

Question 3

Manufacturing Sector

Answer 3

Produces tangible goods, and makes physical concrete products

Question 4

Rights are…

Answer 4

Backed by law (usually)

Question 5

Employer rights(4)

Answer 5

• Access to appropriate amenities
• Performance, manage the workforce
• Have work completed as expected
• Workers put in sufficient hours

Question 6

Employer Responsibility (5)

Answer 6

○ Develop and enforce rules
○ To pay workers the appropriate wage
○ Providing a safe working environment
○ Provide appropriate instructions and equipment
○ Avoid discrimination

Question 7

Employees rights (6)

Answer 7

○ Access to appropriate amenities
○ Be paid penalty rates
§ Not being forces to work on public holidays
○ Having safe/clean working conditions
○ Be entitled to sick leave and annual leave
○ Receive appropriate equipment and training

Question 8

Employee Responsibilities (4)

Answer 8

○ Obey the rules in their workplace
○ Keep work environment safe (behave, follow rules)
○ Keep certain information confidential
Honest when engaging with the business money

Question 9

Discrimination is…

Answer 9

A person being treated less favourably than another person or group because of personal characteristics

Question 10

Globalisation is…

Answer 10

Movement and integration of goods and people among different countries

Question 11

International Trade

Answer 11

Buying and selling of goods and services to other countries

Question 12

Why is international trade important? (4)

Answer 12

• Nation earns money (prosperity)
• Improves standard of life
• Gain more employment
• Gain other services or products from overseas

Question 13

What is exported/imported

Answer 13

• Services
• Tangible goods
• Commodities

Question 14

What is exchange rates

Answer 14

Value of one currency compared to a value of another currency

Question 15

Why is exchange rates important?

Answer 15

They determine level of international trade

Question 16

Appreciates (exchange rates)

Answer 16

CHEAPER to import, MORE EXPENSIVE to export

Question 17

Depreciates (exchange raters)

Answer 17

EXPENSIVE to import, EXPORTS become cheaper

Question 18

Stakeholder

Answer 18

Someone with a vested interest in a business

Question 19

Deontology

Answer 19

Focus on the action itself (specifically intention behind the action)

Question 20

Utilitarianism

Answer 20

Focus on the consequences of the action

Question 21

Hard Skills

Answer 21

Job-related knowledge and abilities

Question 22

Soft Skills

Answer 22

Personal qualities

Question 23

Types of discrimination

Answer 23

race, sex, age, pregnancy
, religion

Question 24

Examples of both service and manufacturing businesses.

Answer 24

restaurant, cardealership

Question 25

What has COVID changed? (3)

Answer 25

• Working remotely
• Increased awareness of physical and mental health and wellbeing
• Office as an interactive environment

Question 26

Benefits of Globalisation (know at least 3)

Answer 26

• More variety
• cheaper products
• country economy grows (exporting)
• Help the world’s wealth spread
• collaboration advancements

Question 27

Costs of Globalisation (know at least 3)

Answer 27

• poorer countries left behind
• more competition for businesses
• environmental damage (production)
• workers in poorer countries exploited
• Loss of traditional industries and skills
• threat to local workers

Question 28

What does Australia earn the most from selling?

Answer 28

Natural resources

Question 29

Why is international trade for Australia important? (3)

Answer 29

• Gain more employment
• Australia is not self-sufficient, most of it is offshore
• Lets Australians to continue access to strong standard of living.

Question 30

What does Australia export?

Answer 30

Commodities (coal, iron ore), primary products (wheat), service (education, tourism)

Question 31

What does Australia import?

Answer 31

services (tourism, freight), goods (vehicles)

Question 32

Enterprising behaviours (5)

Answer 32

• Opportunity identification
  
  • Risk-taking
  • Proactivity
  • Innovation and creativity
    Persistence and resilience