Economics & Business vocab
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| Business | Activity that involves making goods or providing services in exchange for money
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| Economics | Study of how people and society choose to use limited resources to satisfy their needs and wants
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| Consumer | A person who purchases goods and services for personal use
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| Cost Benefit Analysis | Estimating what will need to be paid (costs) and possible benefits that will arise from a business proposal
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| 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
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| Investing | Putting money into shares, property or other financial schemes in the hope of making a profit
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| Market | The place where buyers and sellers interact to exchange money for goods and services
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| Opportunity Cost | The cost of the next best alternative use of resources
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| Producers | People or businesses who make and sell goods and services for a profit
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| Sole Trader | A business owned and operated by one person
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| 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.
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| Partnership | A form of business ownership in which the business is owned by two or more persons.
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| Company | Businesses that are considered separate legal entities to their owners. Also known as corporations.
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| Cooperative | A business that is owned by the members it serves and is managed in their interest.
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| Asset | Anything of value that is owned
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| Debt | Money owed
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| Profit | The amount of money earned by a business after all costs and expenses have been paid.
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| Location | (Marketing). The place where a firm decides to locate its operations and sell its products.
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| Target market | A set of buyers sharing common needs or characteristics that a business seeks to sell their good or service to.
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| Demographics | Characteristics of a group of people such as age, gender, income, location, education, and religion.
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| Competition | The rivalry between two or more businesses to attract scarce customer dollars
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| Social Responsibility | The duty of business to contribute to the well-being of society
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| Competition and Consumer Act (2010) | States what rights and responsibilities consumers have.
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| Australian Competition and Consumer Commission | (ACCC). Makes decisions and provides guidance on issues that affect markets across Australia.
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| 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
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| Employer | A business who hires workers or staff to produce goods and services for them
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| Employee | A person hired and working for another person or a business for payment.
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| 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
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| Law of Demand | When prices rise, the quantity demanded by consumers decreases and when prices fall, the quantity demanded increases
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| Law of Supply | the higher the price of a product, the higher the quantity that suppliers will want to produce and sell.
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| Good | a tangible (physical) item, commodity or material that is produced
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| Service | Any intangible (non-physical) activity that fulfills a human want or need in return for money to those who provide it.
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| Allocation | how we distribute scarce resources among producers
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| 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
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| Markets | the exchange of resources (or goods and services) among buyers and sellers are done in these
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| Scarcity | is the economic problem of having unlimited needs and wants, but limited resources available.
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| Promotion | Communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response
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| 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.
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| Housing Market | Where houses are bought and sold.
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| Stock Market | Where shares in public Australian companies are bought and sold. Also known as the Sharemarket
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| Foreign Exchange Market | The largest market in the world, where different currencies from around the world are bought and sold.
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