Economic System
What type of economy does Australia have?
An open, mixed market economy
What is an import?
A good or service brought from another country
What does CSR stand for?
Corporate Social Responsibility
What is superannuation?
Savings for retirement
What is one sign of a scam?
Poor writing, too good to be true, fake sender
In which economy are productive resources owned by individuals?
Market capitalist economy
Why is free trade good?
It allows cheaper movement of goods and services and spreads information
Why is technology important in business?
It helps businesses grow and become more efficient
What is principal?
The money originally invested or loaned
How can you protect yourself from scams?
Use strong passwords and avoid suspicious links
What does scarcity mean?
Having limited resources to achieve unlimited needs and wants
What products does Australia commonly import?
Cars, computers and telecommunications equipment
What is innovation?
A new idea or more effective product or process
What is interest?
Money paid for the use of money lent
Why should people be careful when banking online?
Hackers can access personal information and money
What is a producer
An individual, business or country that creates or supplies goods or services
What is outsourcing?
Moving production or services overseas
What is competitive advantage?
When a business can outperform similar businesses
What is one advantage of Fixed Term Deposits (keeping money in the bank)?
Easy to do and low risk
What should you do after online banking?
Log off when finished
What is a consumer?
An individual who purchases goods and services for personal use
What is a supply chain?
A series of steps involved in producing, transporting and delivering goods and services
Name on exogenous factor affecting supply chains?
Natural disaster, pandemics and conflict
Why can credit cards be risky?
They involve borrowing money and paying interest
Why are cryptocurrencies considered high risk?
They are vulnerable to scams and rapid value changes