Business
Economics
Economics 2
Random
100

What is the main purpose of a business?

A business aims to provide goods or services to customers, usually with the goal of making a profit

100

What are the four factors of production?

Land, labour, capital and enterprise.

100

What is meant by the term consumer

A consumer is a person who buys or uses goods and services.

100

When was La Salle College founded?

1954

200

What happens to the quantity demanded of a product when its price increases, assuming other factors stay the same?

Usually, the quantity demanded decreases when the price increases. This is known as the law of demand.

200

What is the difference between a need and a want?

A need is something necessary for basic living, such as food or shelter. A want is something people would like but can live without, such as a new gaming console.

200

What are shares?

That is when a consumer buys a 'share' of a business and can reap benefits or losses, depending on how the business performs.

200

Who was the principal before Mr Williams? 

Ms Fiume.

300

What is profit, and how is it calculated?

Profit is the money a business has left after paying its costs.

Profit = Total Revenue − Total Costs

300

Explain two ways that competition between businesses can benefit consumers.

Competition can:

  • encourage businesses to offer lower prices
  • encourage businesses to improve quality and customer service
  • provide consumers with more choice.
300

What is entrepreneurship, and why is an entrepreneur important to a business?

Entrepreneurship involves identifying opportunities, taking calculated risks and organising resources to create or develop a business. Entrepreneurs can introduce new products, services and ideas and create employment.

300

What is a bettong?

A critically endangered marsupial.

400

What is a fixed term investment?

When you can invest a sum of money for a fixed terms such as 3 months or 12 months for a fixed interest rate.

It is low risk.

400

What is a dividend?

A dividend is the amount of money made by shares and paid to the investor.

400

Where would one find an aglet?

At the end of a shoelace. (plastic or metal)

500

The government introduces a tariff on imported products. Explain how this could affect Australian businesses and consumers.

  • Australian businesses: may benefit because imported products become more expensive, making locally produced goods more competitive.
  • Consumers: may face higher prices or have fewer choices.
500

A new technology allows a business to produce twice as many products using fewer workers. 

What are two benefits and two possible disadvantages of this change for the business and the wider economy.

Possible benefits include:

  • The business can produce more goods, potentially increasing revenue.
  • Lower production costs may increase profits.
  • Workers may be able to focus on more skilled or productive tasks.

Possible disadvantages include:

  • Some jobs may disappear if fewer workers are needed.
  • The business may need to spend a large amount of money introducing the technology.
  • Workers may need retraining.
  • The wider economy could be affected if automation significantly reduces employment in particular industries.
500

What is market segmentation?

The grouping of consumers by common characteristics.

500

What is the name of the smell after rain?

Petrichor.

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