Business Basics
What is a business?
Organisation
What is trading goods or services directly without money called?
Barter
Which economic system is guided by customs and traditions?
Traditional economy
hat is a good or service bought from another country called?
Import
What does CSR stand for?
Corporate Social Responsibility
Is a haircut a good or a service?
Service
What makes buying and selling easier than barter?
Money
Who makes many major decisions in a command economy?
Central government
What is a good or service sold to another country called?
Export
What are the three pillars of the Triple Bottom Line?
People, Planet, Profit
What is something necessary for survival called?
Need
What is the growth of machine-based production and factories called?
Industrialisation
What two things influence prices in a market economy?
Supply and demand
What is a tax on imported goods called?
Tariff
What measures the value of final goods and services produced inside a country?
GDP
What is the next-best option given up when making a choice?
Opportunity cost
What is making large quantities of similar products called?
Mass production
Which economic system combines private businesses and government involvement?
Mixed economy
What is the difference between a tariff and a quota?
Tax vs. import limit
GDP is $100 million and the population is 25,000. What is GDP per capita?
$4,000
You have $20 but want items worth $35. What economic problem do you face?
Scarcity
Put these in order: globalisation, barter, e-commerce, industrialisation.
Barter → Industrialisation → Globalisation → E-commerce
Which economic system has the central government controlling major production decisions?
Command economy
A country exports $120 million and imports $100 million. What is its trade balance?
$20 million surplus
Sales rise from 30 to 50 units, then fall to 40. What is the overall change?
Increase of 10 units