Economic and Business Environment
The point at which the demand and supply curve intersect.
What is equilibrium?
Part of the business cycle where spending increases and businesses expand.
What is a boom?
Market where stockbrokers buy and sell shares on behalf of their clients.
What is a stock market?
What is the term for money paid to an employee for their work?
Wage or salary
What is one job likely to be affected by automation in the future?
Data entry clerk / factory worker / cashier
What is the most common type of employment for teenagers?
Casual
Businesses considering the interests of stakeholders, society and the environment when making economic and business decisions.
What is corporate social responsibility?
What is an economic “boom”?
A period of strong economic growth with high levels of spending and employment
What is one example of a negative environmental impact from business activity?
Pollution from manufacturing
What is a union?
An organisation that represents workers’ rights and interests
What is industrial action?
Strikes or protests taken by workers over workplace disputes
What government document lists minimum national workplace entitlements?
National Employment Standards (NES)
An economy experiences a cycle of ‘booms’ and ‘busts’.
This is referred to as....
What is the business cycle?
A long and severe recession.
What is a depression?
A business which runs some or all of its business using the internet
What is an online business?
What is a workplace agreement made between a single employer and their employees?
Enterprise Agreement
What is one responsibility of an employee under WHS law?
To follow safety instructions and report hazards
What is the legal minimum wage in Australia?
$24.10 per hour or $915.90 per week.
A general rise in prices.
What is inflation?
What is the main goal of the Reserve Bank of Australia?
To manage inflation and maintain financial stability
Also: Monetary policy (setting interest rates)
Name one benefit of globalisation for consumers.
Greater variety of goods and services What is a retail market?
Who pays superannuation contributions in most jobs?
The employer
What does a modern award set out?
Minimum wages and conditions for an industry or occupation
What is the maximum weekly hours allowed for a full-time employee under NES?
38 hours
What does GDP stand for, and what does it measure?
Gross Domestic Product – total value of goods and services produced
What part of the business cycle involves declining production and income?
Contraction
The process by which the world is becoming increasingly interconnected as a result of increased trade and cultural exchange.
What is globalisation?
What is an enterprise agreement required to pass before it can be approved?
The BOOT (Better Off Overall Test)
What’s one legal responsibility businesses have when advertising?
To ensure ads are truthful and not misleading
Intellectual property, brand recognition, and other aspects of a company that are valuable but not easily quantifiable.
What is goodwill?