Australian Industries
This industry includes cafés, restaurants, hotels and takeaway shops.
Answer: Hospitality industry
Hospitality businesses provide food, drinks, accommodation and customer service.
A person who starts and operates a business is known by this term.
Entrepreneur
Entrepreneurs identify opportunities and accept the risks involved in starting a business.
The people who purchase a business’s products or services are called this.
Customers
Businesses use platforms such as Instagram, Facebook and TikTok for this activity.
Social-media marketing
Employees must follow these rules to prevent injuries at work.
Workplace health and safety rules
This Australian industry removes resources such as coal, iron ore and gold from the ground.
Mining
Mining is an important Australian industry and contributes significantly to Australia’s exports.
This is the money a business receives from selling goods and services.
Revenue
Revenue is the total income received before expenses are deducted.
The specific group of customers a business wants to attract is called this.
Target market
A target market may be based on age, location, income, interests or needs.
Tapping a bank card or phone to pay is an example of this type of payment.
Contactless payment
Giving customers helpful, polite and reliable assistance is known as this.
Customer service
Farms that produce cattle, wheat, fruit and vegetables belong to this industry.
Agriculture
Agriculture includes farming, livestock production and growing crops.
A business earns this when its revenue is greater than its expenses.
Profit
Profit = Revenue − Expenses.
A business’s name, logo, colours, reputation and overall identity make up this.
Brand
A strong brand helps customers recognise and remember a business.
A business that sells products through a website is participating in this form of business.
E-commerce or online business
E-commerce allows businesses to sell to customers without operating a traditional shop.
When the prices of fuel, rent, electricity and supplies increase, a business experiences rising these.
Operating costs or business expenses
Hospitals, doctors, aged-care facilities and allied-health services belong to this growing industry.
Health care
Health care is a major employer because Australia has a growing and ageing population.
A business owned and operated by one person is called this.
Sole trader
Sole traders are common among cleaners, tradespeople, hairdressers and online sellers.
Advertising, social media, sponsorship and special offers are all part of this business activity.
Marketing
Marketing is how a business attracts customers and communicates the value of its products.
This technology can create text, analyse information and automate some business tasks.
Artificial intelligence
AI can improve productivity, but businesses must use it responsibly and protect customer information.
Protecting computers, customer information and online accounts from attacks is known as this.
Cybersecurity
This part of the economy includes businesses that provide activities rather than physical products, such as banking, education and tourism.
Service sector
Most Australian workers are employed in service industries.
The movement of money into and out of a business is known as this.
Cash flow
A business may appear profitable but still experience problems if it does not have enough cash available to pay its bills.
This occurs when customers want more of a product than businesses can currently provide.
High demand or excess demand
When demand is high and supply is limited, prices may increase.
The introduction of a new product, service or method that improves a business is called this.
Innovation
Innovation helps businesses remain competitive and respond to changing customer needs.
A business that reduces waste, saves energy and considers its environmental impact is demonstrating this.
Sustainability
Sustainable practices may reduce environmental harm, improve reputation and lower long-term costs.