Australian Markets & Governments in Markets
What is the definition of a market?
A place where parties gather to facilitate the exchange of goods and services
What term describes a person who purchases a good or service?
Consumer
Which of the following best defines a "need"?
Something you physically cannot survive without.
What is a "material" reason for working?
Income, buying goods etc.
What is a financial goal?
A financial goal is a specific objective that requires you to save money over a set period. It helps you manage your money and plan for the future.
What is the main consequence of not providing a Tax File Number (TFN) to an employer?
You will pay tax at the highest rate.
According to the Law of Demand, what happens when prices rise?
The quantity demanded decreases.
Why do businesses use compelling advertisements?
Your answer must include "wants" and "needs"
To make you think your wants are actually needs to increase profit.
An employee who works less than 35 hours per week on an ongoing basis and is entitled to leave benefits is classified as....
Part Time
Compare the difference between a short-term and a long-term goal.
Short-term goal can be achieved in weeks or months
Long-term goals generally take over a year
What is the primary role of the Australian Competition and Consumer Commission (ACCC)?
To enforce fair trading laws and promote competitive markets.
What is created when the amount of goods available is less than the amount needed?
Shortage
What are the four factors of production?
Land, Labour, Capital, Enterprise
How did the COVID-19 pandemic generally affect the way businesses operated?
More online shopping, increased delivery service, WFH
What term describes the money a bank pays you for keeping your savings with them?
Compound Interest
In the labour market, who acts as the buyer of labour?
Employers
Why are producers willing to supply more goods at higher prices?
They are motivated by profit
What does the concept of "relative scarcity" imply in the context of needs and wants?
We have limited resources to fulfill our unlimited wants.
Give an example of a job that can not currently be replaced by AI and explain why.
EXAMPLE:
A nurse. Their job requires human connection and also is a hands-on job.
How do you calculate the time to reach a goal?
Divide the total cost by the amount saved per period
You go to woolworths and purchase
Bread $4.80
Milk $3.50
Chocolate $9
How much GST would you be paying in total?
4.80 + 3.50 + 9 = $17.30
10% of $17.30 = $1.73
What is Equilibrium?
When supply and demand are equal
Give 3 examples of 'Capital' relative to the production of goods.
EXAMPLE:
Money, machines, and buildings
In the context of employment law, what does OHS stand for?
Occupational Health and Safety
Mia wants to save for her first car that will cost her $15,500.
She works a part-time job at Maccas and can put away $250 a week.
How many weeks would it take her to save for her first car?
62 Weeks