Consumer and Financial Decisions
Define 'goods' and 'services'
'Services' are activities performed by individuals/businesses for others
What is the main demographic of Patrician Brothers' Blacktown?
Males
Give an example of advertising as a promotional strategy
(Answers vary)
E.g. Putting an ad before a YouTube video to increase consumer awareness
What type of work arrangement are most high school students employed as? (Think of students that work at Maccas)
Casual employment
Give an example of an impulsive shopper
E.g. someone who buys a piece of clothing without considering the price or whether they already own something similar.
What is an entrepreneur?
Someone who starts and runs a new business
Messi has worn Adidas boots for the past two decades.
What is this an example of?
Sponsorships
How does work contribute to the overall wellbeing of society?
Taxes, providing goods and services, helping others
Ella works at a retail store. She talked to a customer about potential outfits they could buy for an upcoming wedding, and offered to keep in touch if their chosen pieces were to go on sale.
What is this an example of?
Give an example of effective product differentiation
(Answers vary)
E.g. Apple iPhones/Apple ecosystem, Rolex luxury
How does gender impact the way businesses package their products? Give an example for each gender.
Men = darker colours, bolder fonts, harsher lines
Women = lighter colours, smooth lines, feminine fonts
UberEats is an example of what kind of economy? (Think about the changing nature of work)
Gig/Sharing Economy
What is superannuation?
A fund that employers pay that goes towards an employee's retirement
What is a sole trader? Do they have limited or unlimited liability?
Sole trader = someone who owns a business alone
They have unlimited liability
Right or wrong?
What does it mean for a consumer to partake in ethical consumerism? Give an example.
Give an example of how A.I. is causing job displacement in the workforce
(Answers vary)
E.g. Humanoid robots packing for Amazon, taking over administrative work
Give ONE legal right for consumers when purchasing goods.
(Answers can vary)
E.g. working condition, as advertised
What is a loan, and what do you have to pay when you take one?
A loan is a sum of money that is borrowed from a bank or finance company, and you have to pay interest on this loan
Sales promotions is an example of a promotional selling strategy. What are some things a business can do to use sales promotions?
(Answers vary)
E.g. free giveaways, competitions, points system
How do people earn money from dividends?
People buy shares from a company and earn a percentage of the company's profits as a result