Key Terms
People producing goods and services to fulfil the needs of wants of people
What is "economics"
The five basic human needs
What are "food, water, shelter, clothes, and education"
Job- specific technical knowledge acquired through training, such as programming or machine operation.
What are "technical/hard skills."
How businesses manage their employees to achieve better performance
What is "Human Resource Management"
The difference between a credit and debit card.
What is "credit cards = tied to funds borrowed from a financial institution, vs debit cards = tied to an individual's personal checking account"
A person who purchases goods and services from a business.
What is "consumer"
The difference between goods and services
What are "items that can touch/be stored vs experiences that cannot be stored"
What is "planning and organising."
The term for when businesses produce and sell goods or services better than its rivals or when job seekers have a slight edge over other job applicants.
What is "competitive advantage."
The percentage of your wage that is put automatically into a retirement savings fund by your employer.
What is "eleven percent."
This is your ID number for tax. It tells the government, "this money belongs to this person."
What is "TFN (Tax File Number")
The factor of production that is the workforce used to produce a product or provide a service, such as builders, teachers, or plumbers
What is "labour"
This is most often a requirement for any job application. It is the common term for what is also known as a curriculum vitae (CV), Latin for 'the course of your life."
What is "resume."
Sectors that are formed around new technologies or innovations, characterised by high growth potential and the ability to disrupt existing markets.
What are "emerging industries."
What improves (gets bigger) after you pay the correct amount on this card on time each month.
What is "credit score"
Used to describe the relationship between the factor market, product market, households, and firms.
What is "circular flow model."
CPI (Consumer Price Index) tracks changes in the average price level of a basket of goods. It is an example of this type of economic indicator.
What is "lagging indicator"
This is known as the percentage of the labour force that is currently jobless.
What is "unemployment rate."
The three primary things HRM is responsible for.
What is "recruitment, training, and motivation"
List and define three types of scams (economic crimes run by criminals who are often very organised and sophisticated)
What are "phishing, relationship, investment, identity takeover, employment, donation, and buying and selling scams"
The total value of all goods and services produced over a set period (often used to show the size and health of an economy)
What is "GDP (Gross Domestic Product)"
Data points used for this type of indicator include the stock market performance, building permits, and consumer confidence surveys
What is "leading indicators"
You need 100 points of ID to open a bank account in Australia. List three documents you can use that are worth 70 points (strongest forms of ID).
What is "Australian-government issued driver’s licence, passport (Australian or foreign), Immi card, birth certificate, and citizenship certificate."
A business' ability to control their environment varies. List three different factors that could impact a business and give an example of each.
What are "technological factors, customers, suppliers, environmental factors, competitive factors, global factors, economic factors, sociocultural factors, and legal factors."
What is: "health = ambulance, dental, glasses, physiotherapy, car = accidents, damaged or stolen vehicle, home = fire, storm, theft, flood, life = funeral costs, mortgage payments, living expenses"