Economic Concepts
Need
ACCC
Sole trader
People who start a business
Entrepreneur
Things we can survive without
Want
Fill in the blank: Goods must be s_____
safe
People who work for a business
Employees
A person who creates a new idea or improves an existing idea
Innovator
What we miss out on when making a choice
Opportunity Cost
Fill in the blank: Goods must not have any hidden c_____
costs
The amount of money a business earns after taking away expenses
Profit
An Australian business that originally sold bottled water but now sells hand wash, dish soap etc
Thankyou
Natural or manufactured materials that are used to make goods and services
Resources
Fill in the blank: Goods must of a reasonable q_______
quality
When two or more people agree to run a business together
Partnership
A business that gives parts of its profits to a worthy cause
Social Enterprise
The problem that arises because our wants are unlimited but the natural resources are limited
Relative Scarcity
Fill in the blank: Consumer guarantees do not apply if you change your m______ about what you purchased
mind
Fill in the blank: If a company fails the owner will not be forced to sell their own assets to pay the debts L__________ L__________
Limited Liability
A business that does not operate for profit
Not-for-profit organisation