Definitions
How much people want to buy a product or service.
What is Demand?
North Korea and Cuba are examples of countries that have what type of economy?
What is planned?
Who are the two key participants in the workforce?
Who are employees and employers?
Robots can not have these types of skills
What is soft skills?
The 2002 Eminem song "Business" is about Eminem's successful partnership with what rapper who went on to found Beats Electronics?
Who is Dr Dre?
A physical item people can buy or use, like clothes or food.
What is a Good?
Name 3 participants of the Australian economy
What is Household, Business, Finance, Government?
Name one role of an employer
What is:
Provide a safe workplace
Fair compensation (pay) for employees
Provide appropriate and adequate training
Superannuation
Fair working conditions
Snapchat, Uber and Nintendo are all business who have what?
What is innovated?
What is the last name of the business tycoon behind the "No. 5" perfume?
What is Chanel
Work done for someone else, like a haircut or car repair.
What is a service?
All economic system aims to answer three essential questions. What are they?
What to produce?
How to produce?
For who to produce?
What is an employee’s main duty?
What is to help the company succeed?
Skills that require education or training in some way are called?
What are hard skills?
During a brainstorming session with Nike executives just before his star client committed to Nike as his apparel sponsor, Michael Jordan's agent David Falk came up with what iconic two-word brand name?
What is Air Jordon?
When there are not enough resources to meet everyone’s wants and needs.
What is Scarcity?
Who is Australias main trade partner?
What is China?
Telstra have changed the location of certain customer support and call center operations to locations like the Philippines and India. This is an example of what?
What is outsourcing?
What are two things a business can do to gain a competitive advantage
What is Lower cost and differentiation?
Although mostly known for being the largest for-profit genealogy company in the world, what is the name of the Levi, Utah-based company that has also sold more than 20 million DNA kits to customers?
What is Ancestry.com?
The next best thing you give up when you choose something else.
What is Opportunity Cost?
What is the term for a tax on imported goods that makes them more expensive for consumers, encouraging them to buy cheaper domestic alternatives instead.
What is a Tariff?
Job losses, particularly in roles that are highly repetitive and routine is an example of what?
What is disadvantage of technology in the workplace?
Ambition, motivation and timekeeping are examples of what?
What are soft skills?
When you’re the only owner of your business and also the person who runs it, it’s known as what type of proprietorship or tradership?
What is Sole Trader