Intro to Business
What is our needs and wants?
Wants - something that people desire to have
The study of how people make choices to satisfy their needs and wants is known as:
Economics
What business type has one owner and unlimited liability?
Sole trader
What famous tech company was originally named "Backrub"?
Which Australian state is famous for its mining companies like BHP and Rio Tinto?
Western Australia
Which type of resource does a machine belong to?
Capital
What is scarcity?
The fact that resources are limited, but human wants are unlimited
What's the term for a person who buys and owns shares of a company's stock?
Shareholders / Stockholders
What well-known e-commerce giant initially started as an online bookstore in 1994?
Amazon
Which Australian brand is known for its pink bottles of drinkable yoghurt?
Yakult
What are the 4 types of resources used in business
Land, labor, capital, entrepreneurship
What is opportunity cost? Explain with an example
Opportunity cost is the second best thing we give up.
Do you need an actual agreement for partnership?
NO
In the fast food world, what restaurant chain is famous for its "Whopper" burger?
Burger King
Which Australian electronics store uses the slogan “Always cheap prices!”
JB HiFi
Provide an example for a sustainable practice of a business
Replace plastic bags with paper bags
Use recyclable resources rather than burning fossil fuel
What is price-fixing and provide an example.
When two competing businesses to agree on the same prices for their products.
Sole trader, partnership and corperation
The famous toy company LEGO got its name from the Danish words "leg godt," which means what in English?
Play Well
Which company owns Bunnings Warehouse, Kmart, and Officeworks?
Westfarmers
What's the definition for “sustainability”?
Meeting our own needs without compromising the ability of future generations to meet their needs
The name for Autralian stock market
Australian Security Exchange
What does "ABN" stand for?
Australian Business Number
Name 5 Public listed companies in 10 seconds
Woolworths, Coles, Qantas, Telstra, BHP, Kmart, Target, Bunnings, Officeworks, JB Hi-Fi, Domino’s Pizza
What car company has the slogan “Oh what a feeling!”?