Globalisation
Define imports and exports.
Imports refers to bringing goods and services from another country to the home country while exports refers to selling goods and services from the domestic country to other countries.
What is a "business model"?
A plan for the successful operation of a business.
Define "resource".
A stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organisation in order to function effectively.
What is revenue?
Income, especially when of an organisation and of a substantial nature.
Define globalisation
The process by which businesses or other organisations develop international influence or start operating on an international scale.
Define "ecommerce".
The process of buying and selling goods and services online.
Iron ore, coal, natural gas, education, travel services, gold, crude minerals, wheat, crude petroleum, beef
Define "profit".
A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
Who is Australia's largest trading partner?
China
What defines a "bricks and mortar" business?
A business that retains a physical presence. Products and services are sold to customers face-to-face in a location occupied by a brand or retailer.
Define "natural resources".
Input from nature, such as water, forests or fertile land, used in the production of goods and services.
What is supply and demand?
The relationship between the availability of a product or service (supply) and the consumer desire for it (demand).
Which country did Australia trade with most prior to 1950?
United Kingdom
Define a "bricks and clicks" business
A business model in which a retailer operates both an online ecommerce site and has a physical location.
Define "labour resources".
People's intellectual or physical skills needed to produce a good or service.
Define "infrastructure".
The basic physical and organisational structures needed for the operation of a society or enterprise.
Define "commodities"
Raw materials or agricultural products that can be bought or sold.
In simple terms, what is a business supply chain?
A business' entire production flow, from sourcing raw materials, to design, to delivering a finished item.
Define "capital resources".
Input from manufactured goods, such as machines or computers, that is used to produce further goods and services.
What are KPIs?
Targets that help a business measure progress against most strategic objectives.