Definition
Define Commerce
the buying and selling of goods and services between individuals and businesses
What's the difference between goods and needs
Needs: Basic items for survival
Goods: Desires that improve quality of life
How many types of resources are there?
4
List one factor affecting consumer decision
customer service
Age
gender
Price
Convenience
Income
Marketing and advertising
Culture
What is a contract?
A contract is a legally binding agreement between two parties
Define a consumer
someone who purchases goods and services to satisfy needs and wants
List 3 goods in this classroom
Pens
Board
bags
etc
List the different types of resources
Land, labour, capital and enterprise
List 3 factors affecting consumer decisions
Any three from the below:
customer service
Age
gender
Price
Convenience
Income
Marketing and advertising
Culture
List the 2 types of contracts
Written contracts
Verbal contracts
What is bankruptcy?
when a person gives up control of their assets and finances, either voluntarily or by a court order
How many types of "Goods" are there?
3
Define a land resource OR provide an example of a land resource
Land — these resources occur naturally, such as forests, coal and fertile soil.
List 5 factors affecting consumer decisions
Any 5 from the below:
customer service
Age
gender
Price
Convenience
Income
Marketing and advertising
Culture
List the 2 elements of a contract
Intention
Offer
Acceptance
Consideration
What is an Asset?
its of value
List the 3 different types of Goods
Durable Goods, Non durable Goods, Complimentary Goods
Does the "labour" resource include only physical effort or both physical and mental effort?
Labour — this includes both the physical and mental effort of people who are working.
4 P's
What do we mean that one should not enter into a contract in duress
They should not be forced into it
Define Barter
the swapping or exchange of one good for another
Provide examples of the 3 different types of goods
Durable Goods: Cars
Non-durable Goods: Food
Complimentary Goods: Petrol for a car
What is an Enterprise resource
Enterprise — this is the ability to combine the other resources of land, labour and capital so as to earn a profit.
List the 4 P's of marketing
Product
Place
Price
Promotion
What is meant by legal capacity when entering a contract?
You should be of legal age (not a minor) and mentally sane