Year 11 Term 1 Flashcards
Cry Over Mr Smith's Depature (28 cards)
What are 3 Positives of Globalisation for consumer
- Cheaper prices due to competition
- More choice for what brands to buy
- You can buy from the comfort of your own home
What are 3 Negatives of Globalisation for consumer
- Local family run stores could dissapear
- Exploitation of labor, specially in china
- Black market and deep web are available easily
What role do businesses play in society
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
What is a Good
Goods are items that can usually be seen or touched
What is a Service
a Service is usually a job that is done for you.
What is a wage
It is money recieved weekly for hours worked
What is a salary
It is a fixed amount paid yearly for a stable job.
What is a monopoly
A monopoly is a concentration by one firm in the industry. An example of this is Australian Post.
What is an Oligopoly
This consists of a small number of larger firms that dominate. An example of this are banks such as combank
What are the 3 main institutional influences
- Government
- Regular Bodies
- Other
What does the quality of life refer to.
Quality of life refers to the overall wellbeing of an individual and is a combination of both material and nonmaterial benefits
What is innovation
Innovation is an improvement on something already established.
What is an entrepreneur
An entrepreneur is someone who transform their ideas into new business.
What is some internal influences
- Employees
- Managment
- Location
- Resource Managment
What are some external Influences
- Governemnt Choices
- Social Trends
- Technology Changes
- Political Changes
How do you classify a business on size
You classify them based off of if they are a Small to Medium Enterprise (SME) or large.
What is a local business
A local business is based in the local area and supplies a variety of goods and services that are needed in the local area.
What is a national business
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.
What is a global business
A global business operates worldwide and is mostly done through the internet of globalization. They supply goods and services to everyone in the world.
What is a primary, secondary, teritary, quaternary or quinary business
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.
What is a government enterprise
It is a business where the government has significant control in it. It is also a separate legal entity.
What are the 4 stages of the business life cycle
- Establishment
- Growth
- Maturity
- Post Maturity
What are factors that can contribute to business decline
- Social Trends
- Too much innovation
- Not enough innovation/ diversification
What is voluntary Cessation
Voluntary cessation means the business owners choose to stop operating.
