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8 HASS Business
Economics & Business vocab
| Term | Definition |
|---|---|
| Business | Activity that involves making goods or providing services in exchange for money |
| Economics | Study of how people and society choose to use limited resources to satisfy their needs and wants |
| Consumer | A person who purchases goods and services for personal use |
| Cost Benefit Analysis | Estimating what will need to be paid (costs) and possible benefits that will arise from a business proposal |
| Interest | The cost of borrowing money from a bank; a person has to pay the bank interest on top of the original amount borrowed from the bank |
| Investing | Putting money into shares, property or other financial schemes in the hope of making a profit |
| Market | The place where buyers and sellers interact to exchange money for goods and services |
| Opportunity Cost | The cost of the next best alternative use of resources |
| Producers | People or businesses who make and sell goods and services for a profit |
| Sole Trader | A business owned and operated by one person |
| Franchise | A business that uses the name, products and services of an existing business (franchisor), in return for franchise fees and a portion of the profits. |
| Partnership | A form of business ownership in which the business is owned by two or more persons. |
| Company | Businesses that are considered separate legal entities to their owners. Also known as corporations. |
| Cooperative | A business that is owned by the members it serves and is managed in their interest. |
| Asset | Anything of value that is owned |
| Debt | Money owed |
| Profit | The amount of money earned by a business after all costs and expenses have been paid. |
| Location | (Marketing). The place where a firm decides to locate its operations and sell its products. |
| Target market | A set of buyers sharing common needs or characteristics that a business seeks to sell their good or service to. |
| Demographics | Characteristics of a group of people such as age, gender, income, location, education, and religion. |
| Competition | The rivalry between two or more businesses to attract scarce customer dollars |
| Social Responsibility | The duty of business to contribute to the well-being of society |
| Competition and Consumer Act (2010) | States what rights and responsibilities consumers have. |
| Australian Competition and Consumer Commission | (ACCC). Makes decisions and provides guidance on issues that affect markets across Australia. |
| Product Safety Recall | When a product is faulty or dangerous and a business must notify consumers and organise for all of those products to be returned to the business |
| Employer | A business who hires workers or staff to produce goods and services for them |
| Employee | A person hired and working for another person or a business for payment. |
| Manufacturer | A business that produces a good and sells it to retail businesses. For example: Nike is a manufacturer of sportswear while Rebel Sport is a retail business that sells Nike and other brands' products to customers |
| Law of Demand | When prices rise, the quantity demanded by consumers decreases and when prices fall, the quantity demanded increases |
| Law of Supply | the higher the price of a product, the higher the quantity that suppliers will want to produce and sell. |
| Good | a tangible (physical) item, commodity or material that is produced |
| Service | Any intangible (non-physical) activity that fulfills a human want or need in return for money to those who provide it. |
| Allocation | how we distribute scarce resources among producers |
| Interdependence | the way participants in an economy (such as individuals, businesses and governments) rely on each other to provide or trade the goods and services they cannot produced themselves |
| Markets | the exchange of resources (or goods and services) among buyers and sellers are done in these |
| Scarcity | is the economic problem of having unlimited needs and wants, but limited resources available. |
| Promotion | Communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response |
| Labour Market | Where workers sell their skills, knowledge and effort to employers. In return for their labour, the employer will pay the workers a wage. |
| Housing Market | Where houses are bought and sold. |
| Stock Market | Where shares in public Australian companies are bought and sold. Also known as the Sharemarket |
| Foreign Exchange Market | The largest market in the world, where different currencies from around the world are bought and sold. |
Created by:
LaProf
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