Assessment
How many credits is this internal worth?
5
What is the definition of a need? Give an example.
Something essential for survival or necessary for maintaining a basic standard of living. Needs can include physiological requirements like food, water, and shelter, as well as safety, belongingness, esteem, and self-actualization.
What is a stakeholder?
Someone who has a vested interest in a company and can either affect or be affected by a business' operations and performance.
What is perseverance?
The steadfast persistence and determination to continue striving towards a goal or overcoming obstacles despite challenges, setbacks, or difficulties.
What is one example of a decision that is easy to make because it involves personal preferences and has no real consequences?
Choosing the color of socks to wear (or any other appropriate example).
What is the assessment about?
Decision making using a financial tool
Communication involves transferring a message from a sender to a receiver. It is important that it is clear and to the point to enable the message to be understood.
Communication can be categorised into three methods, what are they?
verbal
written
graphic
What is the definition of a want? Give an example.
Something desired or sought after that is not essential for survival but is considered desirable or enjoyable to have. They can include items or experiences that enhance comfort, convenience, pleasure, or social status.
Define the term motivation. Give 2 examples of something that can motivate a person.
Motivation is the driving force or energy that compels individuals to take action, pursue goals, and achieve desired outcomes. Examples include, personal enjoyment, satisfaction, curiosity, Money, recognition, praise
According to previous discussions, what does the term "consequences" mean?
The result or outcome of an action; what happens because of something else.
Name the 3 case studies for this assessment
school wharenui, local tennis club & sale of top fields
Demand is the quantity of a good or service that a consumer is willing and able to buy at a range of prices.
Supply is the amount of a good or service that a producer is willing and able to sell at a range of prices.
What are the three business structures in New Zealand?
- sole trader
- partnership
- company / corporation
How could motivation influence business’?
Motivation drives employee performance, innovation, and satisfaction, leading to improved productivity, retention, and customer satisfaction, ultimately impacting business success.
Why might some decisions be more difficult to make than others?
Because most decisions have both positive and negative consequences, making them more complex.
Name 2 different ways you can present the assessment
an oral presentation (three to four minutes)
a slide presentation (up to eight slides maximum)
a written report (within 750-800 words)
a voice recording (three to four minutes
a video (three to four minutes).
How does business activity contribute to the prosperity and economic well-being of New Zealand?
It provides employment opportunities, fosters innovation, and enhances the quality of life for consumers through the production of goods and services. Additionally, businesses generate significant income for the government through taxes, which are used to fund essential services and infrastructure.
The formal name of a company contains the word "limited" , abbreviated as Ltd. What does this mean?
This word is a warning to suppliers and lenders that if the company fails, its shareholders cannot be taken to court for settlement of company debts - as opposed to sole traders and partnerships that can be.
Can you give an example of intrinsic motivation and an example of extrinsic motivation in everyday life?
Intrinsic motivation includes: enjoyment, or a sense of satisfaction derived from the activity itself. Extrinsic motivation includes: rewards, recognition, or punishments.
What is the bounded rationality decision-making model, and how does it differ from the rational decision-making model?
The bounded rationality model suggests limiting options to a manageable set and choosing the first option that meets minimum requirements, known as "satisficing." This differs from the rational decision-making model, which involves a systematic process of defining criteria, generating alternatives, and evaluating options to choose the best alternative.
Name the 5 parts of the assessment
Case Study Determination
Identifying Need / Issue / Opportunity
Use Financial Tool/s
Make a Decision & Identify Stakeholders Impacts
Identify Consequences
What is the circular-flow model?
A simplified economic framework that illustrates the flow of goods, services, and money between households and firms within an economy. In this model, households are the primary consumers of goods and services, while firms are the primary producers.
What is an impact of business activity on New Zealanders' daily lives?
Including: learning, working, spending, saving, investing, traveling, and playing. It affects jobs, incomes, opportunities for personal enterprise, and ultimately, the standard of living and quality of life.
How can intrinsic motivation differ from extrinsic motivation, and why is it important for individuals to understand the distinction in achieving personal and academic goals?
Intrinsic motivation originates from internal factors such as personal interests. In contrast, extrinsic motivation stems from external factors such as rewards. Understanding the distinction is crucial because individuals who are intrinsically motivated tend to have greater autonomy, engagement, and long-term commitment to their goals. On the other hand, relying solely on extrinsic motivation may lead to a dependency on external rewards, making it challenging to sustain motivation over time.
What are the key components of the intuitive decision-making model, and how does it contrast with the rational decision-making model?
The intuitive decision-making model emphasizes making quick decisions based on instinct, past experiences, and emotions, while the rational decision-making model involves a systematic, logical approach to decision-making based on defined criteria and evaluation of alternatives. Key components of the intuitive model include rapid decision-making, tacit knowledge, emotional input, pattern recognition, expertise, situational awareness, and contextual cues.