Definitions
Something needed to survive.
What is a need?
Consumers purchase the goods and services
What is the household sector?
An individual who starts their own business based on an idea they have or a product they have created.
What is an entrepreneur?
When my goals talk about being time-bound and specific
What is a SMART goal?
total of all activities undertaken for the purpose of producing, distributing and consuming the goods and services we require
What is the economy?
Anything that someone desires, or would like to have.
What is a want?
Producers provide the goods and services
What is the business sector?
Where an individual runs a business on their own
What is sole proprietorship?
Goals not directly related to money.
What is a non-financial goal?
A feeling of having balance between work and non-working time
What is work-life balance?
The difference between the amount earned and the amount spent in buying, operating, or producing something.
What is a profit?
Banks and other financial institutions receive deposits, and use this money to lend out to others
What is the financial sector?
After choosing a form of ownership, a business owner may decide to expand their business and create this
A small business sets a goal to increase its sales by 10% from one year to the next.
What is a financial goal?
Sole proprietorship, partnership, and corporations are all forms of this
What is business ownership?
A fixed regular payment, often expressed as an annual sum
What is a salary?
In Australia this refers to the federal government based in Canberra, state and territory governments based in capital cities, and local councils.
What is the government sector?
I make 25$ an hour, this is my...
What is a wage?
Your goals should challenge you. They should not be too easy or too hard.
What is an achievable SMART goal?
People and organizations behaving and conducting business ethically and with sensitivity towards social, cultural, economic, and environmental issues.
What is social responsibility?
When you trade goods and services with other countries.
What is the overseas sector?
An organization—usually a group of people or a company—authorized by the state to act as a single entity
What is a corporation?
What type of goal am I? To develop new products for current and potential customers
What is a non-financial goal?