Sectors
This sector is made up of individuals and families who supply labour and buy goods and services.
The Household Sector
This is the phase of the business cycle where economic activity (output, employment, spending) is increasing.
Expansion
This market is where workers sell their labour to employers in exchange for wages.
Labour Market
This type of business operates entirely over the internet with no physical store
Online Business
What are some commonly traded items by Aboriginal and Torres Strait Islander people?
stones, shells, ochres, tools, fish, crab, dugong or turtle meat, yams, bird eggs, turtle eggs, snake skins, mats, spears and wood carvings.
Which two sectors are interedependent on eachother?
What is the lowest point in the business cycle called?
Trough
What market involves buying and selling shares of publicly listed companies.
The stock market
Uber Eats is an example of a...
On-demand business
If supply is low and demand is high, prices will ...
increase
What is the role of the government sector?
To modify the market in the publics best interest.
What is the RBA?
The Royal Bank of Australia
What is the biggest change to happen to the retail market?
The shift from physical only stores to online stores.
What makes a business a large business?
Having over 200 employees and/or making more than $10 million profit.
What is an advantage for a small business to using AI?
Increased efficiency, pattern recognition, offloading tasks
How does the financial sector impact money being injected or leaked from the economy?
It lends money to people who can inject it into the economy, or, people save money with banks which leaks money from the economy
A countries GDP has been declining consecutively for years, unemployment is high and spending is at an all time low.
Depression
Name three different recruitment methods for the labour market
internet job sites, company websites, newspaper, social media, employment agencies, and word of mouth
What is a TNC?
Transnational Corporation
What is CSR?
Corporate Social Responsibility
Identify 3 ways the Overseas sector interacts with other sectors.
The overseas sector is connected to the household sector in providing imported goods and services for their use. The sector also provides imports for firmswhich they use in the production process. The overseas sector is connected to governments in that they regulate trade, exchange rates and the flow of investment funds into an economy.
What action would the RBA take if a country was in a recession and why?
They would lower the interest rate to encourage people to take out loans and not to save, therefore having more money entered back into the flow of the economy.
This is the name (and acronym) of the exchange where most Australian shares are traded.
The ASX — Australian Securities Exchange.
Online, on-demand, offshore, global, government, non-for-profit
What caused the 2008 Global Financial Crisis?
Banks giving risky home loans to people who could not afford to give them back, so when they stopped paying their mortages, the housing market crashed & so did the economy.