Economic Indicators
This economic indicator measures the total market value of all goods and services produced in a country over a period of time.
GDP (Gross Domestic Product)
This term describes the level of wealth, comfort, and material goods available to people in a country.
Living Standards
People often start a business not only to make money but also for this reason — such as independence or following a passion.
personal or non-financial reasons for starting a business
This organisation oversees workplace laws, awards, and conditions in Australia.
Fair Work Commission
This organisation sets the cash rate in Australia to influence interest rates and control inflation.
Reserve Bank of Australia (RBA)
These are living standards that can be measured in money, such as income or access to goods and services.
Material Living Standards
This term refers to introducing new ideas, products, or methods to improve business performance.
Innovation
This occurs when an employee is dismissed from their job in a harsh, unjust, or unreasonable manner.
Unfair Dismissal
When a person is not working but is actively looking for work, they are classified under this rate.
Unemployment Rate
This type of poverty occurs when people lack basic necessities such as food, shelter, and healthcare.
Absolute Poverty
This advantage allows a business to outperform competitors by offering better value or unique products.
competitive advantage
This term refers to a business’s commitment to operate ethically and contribute positively to society and the environment.
CSR
When a person is not working but is actively looking for work, they are classified under this rate.
inflation
This type of poverty refers to people who earn significantly less than the average income in their society.
Relative Poverty
A person who takes financial risks and organises a business venture is known by this title.
entrepreneur
When a business replaces human labour with machines or technology, this process is called what?
Automation