Key Vocabulary
What does scarcity mean?
Limited things but unlimited wants
What is salary?
Money earned each month or year
What is supply?
Supply is the amount of a product or service that businesses are willing to sell
What is paid work?
Money for payment
Who made Amazon?
Jeff Bezos
wants: nintendo, lollies
needs: clean water, shelter
What are commissions?
Money earned as a percentage of a sale
What is demand?
Demand is how much people want to buy a product or service.
Which are examples of seasonal work? Lettuce picking, teaching, retail worker, Christmas casual
Lettuce picking, Christmas casual
What company did Steve Jobs co-found?
Apple
What does Casual Work mean?
Working with flexible hours
What is super annuation?
Money you earn after retirement age
If lots of people want to buy a new toy, what happens to demand?
Demand increases because more people want the toy.
What is self-employment?
Working for yourself, entrepreneur
Who made Alibaba?
Jack Ma
What does Contract Work mean?
Hiring a person for a specific job for a certain amount of time
Money earned from saving money in a bank or borrowing money.
What might happen to the price of ice cream on a very hot day when many people want to buy it?
The price may increase because demand is higher
What is a word for 'working fewer hours than full time, on set days'?
What company did Bill Gates make?
Microsoft
Why do businesses exist? Write 2 reasons.
Any answer or combination:
make a profit, create jobs, help the economy grow, produce goods and services, provide choices and competition
What are dividends?
Money paid to people who own shares in a company.
If a factory makes more bicycles than usual, what happens to supply?
Supply increases because there are more bicycles available to buy
What are government payouts? Describe and provide an example
Centrelink
Who made Facebook?
Mark Zuckerberg