🌍 The Economy
$100: What is the economy?
→ The system of how goods and services are produced and used.
$100: What is a monopoly?
→ When one business controls the market.
$100: What is productivity?
→ How efficiently goods and services are produced.
$100: What is a consumer?
→ A person who buys goods or services.
$100: What are the 4Ps of marketing?
→ Product, Price, Place, Promotion.
$200: What is income?
→ Money earned from work or investments.
$200: What is collusion?
→ Businesses secretly working together to fix prices.
$200: What is training? (in the context of a business)
→ Teaching employees new skills.
$200: What is price?
→ The cost of a product.
$200: What is a product?
→ A good or service being sold.
$300: What is wealth?
→ The total value of what someone owns.
$300: What does the Australian Competition and Consumer Commission do?
→ Protects consumers and ensures fair competition.
$300: What is technology in business?
→ Tools used to improve efficiency.
$300: What is marketing?
→ Promoting and selling products.
$300: What is promotion?
→ Advertising or marketing strategies.
$400: What is taxation?
→ Money collected by the government.
$400: What does the Australian Securities and Investments Commission do?
→ Regulates companies and financial services.
$400: What is just-in-time production?
→ Producing goods only when needed.
$400: What is a short-term consequence?
→ An immediate effect of a decision.
$400: What is a target market?
→ The group a business aims to sell to.
$500: What is redistribution?
→ Government actions to reduce wealth and resource inequality.
$500: What is regulation?
→ Government rules to control business behaviour.
$500: Why do businesses organise themselves?
→ To improve efficiency and productivity.
$500: Name one factor that influences consumer decisions.
→ Price / convenience / age / ethics / advertising.
$500: Why is marketing important?
→ It helps businesses attract customers and increase sales.