Business Structure
This type of business is owned by one person.
Sole Trader
What is a full-time employee?
A worker who normally works around 38 hours per week.
Australian Consumer and Competition Commission - helps protect consumers and promote fair competition.
Provide 3 examples of natural resources
What can be 3 examples of income?
Wages, pocket money, gifts received.
2 types of companies - need full name
Private/Public companies
What can be a benefit and a drawback of casual employment?
PRO
-higher pay
-high flexibility
CON-Not guaranteed shift
-unstable income
-less entitlements
Provide a contemporary case where the business has misled consumers
Optus - Unconsable conduct
Mazda - Misleading information
A hairdresser uses scissors, chairs and hairdryers to provide a service. What type of resources are these?
Capital
How to calculate your remaining cash?
The owners of a company are known by this name.
Shareholders
Paid annual leave, long-service leave, and sick leave.
What is misleading or deceptive conduct?
A business makes false claims about what its product can do in order to convince customers to buy it.
What are the 3 types of resources?
Natural
Labour
Capital
What is a telephone switchboard operator?
This job involved connecting telephone calls by manually plugging wires into a switchboard.
Mia buys $2,000 worth of shares in a company. The company later owes $500,000 to creditors. Mia normally cannot lose more than the money she invested. What business concept protects her?
Limited Liability
What does OH&S stand for, and what does it protect?
OH&S stands for Occupational Health and Safety.
It protects workers' safety and health at work.
What is bait advertising?
When businesses advertise a product, but they only have limited stock.
A store advertises a laptop for $300 but only has one available, then tries to convince customers to buy a much more expensive laptop.
What is scarcity?
Limited resources with unlimited wants.
Predict 5 job that may become common in the next 50 years and explain why it could be needed.
AI ethics officer, robot technician, space tourism guide, climate adaptation specialist.
After incorporation, the business becomes a _____ ______ _______
seperate legal entity
What is underemployment?
Overqualified for the position
OR
Want to work full-time but only be offered part-time/casual
A supplier tells a shop: “You may sell our shoes only if you agree not to stock our competitor’s shoes.” Identify the type of anti-competitive behaviour
Exclusive dealing
What are the differences between natural resources and capital resources?
Natural
-from nature
-exist without human intervention
Capital
-may use natural resources to produce
-made by people
Name 3 benefits of savings
more independence and security
a sense of satisfaction
ability to pay for unexpected expenses
avoiding the need to borrow money and the worry about repaying the debt
ability to plan for buying big items, such as a bike or a car.