The Role of Business
What is the acronym for the role of business?
WIPES ICE Q
What is the acronym for business classification?
GILS
What is the acronym for external influences?
MC PIGS LEFT
What does WIPES ICE Q stand for?
Wealth
Income
Profit
Employment
Services (and goods)
Innovation
C
E
Quality of life
What does GILS stand for?
Geographic spread
Industry
Legal entity/structure
Size
What does MC PIGS LEFT Stand for?
Markets
Competitive situation
P
I
G
S
L
E
F
T
What is wealth?
Assets - Things of value
Name the 5 industries
Primary
Secondary
Tertiary
Quaternary
Quinary
What are the 4 different competitive situations?
Perfect competition
Monopolistic competition
Oligopoly
Monopoly
What is income?
Payment for providing a resource.
Name the 5 different types of legal structure?
Sole trader
Partnership
Private company
Public company
Government enterprise
Which market situation has the least competition?
Monopoly
What is innovation?
New idea/product.
Improving an existing idea/product.
What does it mean to be incorporated?
To create a separate legal entity from the owner(s).
What are the levels of government in Australia?
Local
State
Federal