Definitons
Good
a product
What does consumer law do?
Protects consumers against dodgy products and services.
Needs are...
something you need to live or do your job
Name two sectors from the circular flow model
Household, business, financial, government
When someone is the sole owner of a business, what is that busines structure?
Sole trader
Service
Someone doing something for you
What does ACL stand for?
Wants are...
Something you want beyond your basic needs
What two sectors inject money into the business sector?
Financial and government
What type of structure means a business operates as it's own entity?
Company
scarcity
Does consumer law apply if a product has no warranty
Yes
Barry would like to buy groceries this week, is that a need or a want?
Need
Household
What is the most important legal document when building a partnership?
Legal partnership contract
Market
The location where something is sold, or the platform in which people do business.
What can a consumer request if a product does not work as intended?
Repair, replacement, refund, compensation.
Linda got herself some very expensive shoes, is this a need or a want?
What does the finance sector do with money?
Reinvest it into the business sector
Name two advantages of the sole trader business type
Low cost to set up, maximised profits, full control over decisions, quickly respond to changes.
Supply
How much of something is available on the market to sell
Finish this sentence...
Consumer rights are a...
legal entitlement.
Georgia works from home using her laptop and the internet. Is her internet bill a need or a want?
Need
Explain the circular flow model
It visualises the flow of money between the Australian markets to demonstrate how money moves around the country.
What is the difference between a public and a private company?
A public company is traded on the stock market, while a private company is wholly owned by it's private owners.