Types of markets
Where people find jobs and staff
Labour market
A link between consumers and retailers
Consumers buy from retailers
Someone who takes has an idea and takes risks to make a profit
Entrepreneur
Something required/necessary for survival
Need
How much of something people want
Demand
Where people buy and sell parts of a company (shares/stocks)
Stock market
Farmers, manufacturers, and companies that create goods or provide services.
Producers
Ability to listen to and talk with other people, build positive relationships and market
People skills
Something that is NOT needed for survival, but is desireable
Want
How much of something is available
Supply
The four market types
Labour, retail, housing, stock
Link between governments and producers/retailers
The government makes laws and taxes producers and retailers
Ability to plan and organise, manage time, money skills and record-keeping.
Administrative skills
The human resources used by a business
Labour
What we miss out on when making a choice
Opportunity costs
A 10% tax added on most products in Australia
GST
A way in which goods and services are produced, sold and bought in a country.
Market system
Four characteristics of an entrepreneur
Vision, people skills, administrative skills and innovation
Assets such as machinery and equipment used to create goods
Capital
The amount of money a business earns after taking away its expenses
The government gives money to people to encourage actions
Rebates
Producers, retailers, financial institutions, governments, consumers
How can an entrepreneur show:
- Vision
- People skills
- Administrative skills
- Innovation
Acceptable answers:
- self-confidence/self-belief, resilience, hard-working, passion
- communication, can talk to others, listening, marketing skills
- planning, organised, time and money management
- creativity, problem-solving, flexibility, adapt
Four factors of production
Land, labour, capital, enterprise/management
Example of supply and demand
- bananas + cyclone yasi
- other