What is Commerce
What term describes someone who buy goods and services
Consumer
Process of shopping using internet from the comfort of your home, office or while travelling.
Payment method accepted almost everywhere and can get you discount at some shops too
CASH
Federal law that protects Australian consumers from unfair trade practices, including misleading advertising and false claims
Australian Consumer Law (ACL)
The type of expense that remains the same every month
Fixed expenses
What do we call something someone does for payment like doctor or hair dresser
Service
Term for comparing price, feature and benefits of products before purchasing
Comparison shopping
What payment method allows to make purchase without cash but can lead to overspending
Credit card
Scam that involves a chain letter where participants pay a fee and recruit others, but most participants end up losing money
PYRAMID SCHEMES
The estimate of income and expenditure over set period of time to ensure spending doesn't exceed income
Budget
What is the term for the limit on the availability of resources
Scarcity
Three type of non-store retailers
Online shops, vending machine, Auction, social media
Two payment methods that allows you to pay using money in your bank account with no interest charges and has a spending limit
Debit card and internet transfer/banking
Illegal techniques involving advertising goods at enticing prices only to redirect customers to higher priced items
Bait and switch advertising
A compulsory saving scheme for retirement
Superannuation scheme
We give up something when we make choices. What is the value of missed options called?
Opportunity cost
Term that refers to money available for spending after paying taxes
Disposable income
The payment method with 2.9% fee widely known for its security and ability to provide refund in case of disputes
PayPal
The scam where consumers are promised a percentage of money if they help transfer funds from another country, but are asked to provide their bank account details.
Get-rich-quick- schemes
Two legal consequences of excessive debt
Garnishee, writ of execution and bankruptcy
Name four factors of production
Land, labour, Capital and Enterprises
What type of shopping methods are 'Direct to Boot' and 'Click and collect'
Customers can order online and pick items at select locations
This Payment method involves a standard $10 late fee per missed instalment payment, and a further $7 if the payments are not received within seven days.
AfterPay payment method
Which Australian commission works to reduce fraud in financial markets and assists with consumer credit, investment, and banking issues?
Australian Securities and Investments Commission (ASIC)
Three options for addressing financial difficulties
Personal loans, Negotiating alternate payment plans and Seeking support from financial support services