Commerce Basics
What is Commerce?
The activity of buying and selling goods and services.
What is disposable income?
The money a person has left after paying for needs.
What is a budget?
A list of planned income and expenses.
What occurs when a business makes a statement that is likely to create a wrong impression about a product’s quality, price, or benefits?
False & Misleading Advertising
Name one payment method that allows you to pay by card using your own money directly withdrawn from your bank account at the time of purchase
Debit Card
Who is a Consumer?
A person who uses goods and services to satisfy needs and wants.
What is social media influencing?
A marketing technique using individuals with large online followings.
What is Superannuation?
Money put aside during work years for retirement.
What is the name of the government agency that enforces consumer law nationally.
The ACCC (Australian Competition and Consumer Commission)
Name one way to resolve a faulty product issue when a business won’t help.
Lodge a complaint with NSW Fair Trading
What are non-durable goods?
Goods that can only be used once, like petrol.
Consumers are often willing to pay more if it saves them time and effort. Which key factor is influencing the consumer?
Convenience
What are fixed expenses?
Expenses that stay the same each period.
Who is an independent official investigating and resolving complaints between consumers and businesses in industries like finance, insurance, and telecommunications.
An Ombudsman
What is a payment method that lets you receive goods now but pay over time?
Buy Now, Pay Later (BNPL) or AfterPay
What are land, labour, capital, and enterprise?
The Four Factors of Production
What is per unit pricing?
The price per unit that allows easy comparison between products.
What are variable expenses?
Expenses that vary in each period depending on use
What is a Ponzi scheme?
A fraudulent scheme that pays early investors using money from new ones.
What is "Caveat Emptor"?
The legal term meaning “Let the buyer beware.”
What is Scarcity?
The economic problem of having limited resources but unlimited wants.
What is Srinkflation?
A tactic that reduces product size without lowering the price.
What is the most common long-term financial goal?
Saving for retirement
What is the name of the main law protecting Australian Consumers?
What is the Competition and Consumer Act 2010?
Name one consumer right for "Goods"
Right to ensure product is safe and fit for use