HASS Semester 2 Test

Labour Market

A platform where employers and workers connect, negotiate wages, and discuss work conditions.

Retail Market

Businesses selling goods or services directly to consumers, through stores, online, or by mail.

Property and Housing Market

The economic segment for buying, selling, and renting land, buildings, and homes.

Wholesale Market

A marketplace for bulk buying and selling, usually to retailers or professional buyers.

Finance and Banking Market

The industry offering financial services like lending, investment, and deposit services.

Stock Market

Markets for issuing, buying, and selling stocks, representing business ownership.

Sport and Leisure Market

An area focused on providing and enjoying recreational activities and sports events.

Agricultural Market

The sector involving the production, distribution, and trade of farm products and equipment.

Foreign Exchange Market

A decentralized market for currency trading and determining exchange rates.

Commodity Market

A marketplace for trading raw or primary products, either physically or virtually.

Advertisement

A message that tries to persuade people to buy a product or service.

Allocation and markets

The connection between market prices and demand and supply is called the price mechanism.

Budget

A plan for managing money, showing income and expenses.

Business

An organisation that produces or sells goods and services to make a profit.

Capital

Money or equipment used to start or grow a business.

Career

A job or profession followed for a long period of a person's life.

Circular flow model

A diagram showing how money, goods, and services move in an economy.

Competitive advantage

Something that makes a business better than others in the same market.

Consumer

A person who buys goods and services.

Credit

Money borrowed that must be paid back later, usually with interest.

Economic performance and living standards

How well the economy is doing and the quality of life of people.

Economic problem

The issue of having limited resources to meet unlimited wants.

Economics

The study of how people use resources to produce and consume goods and services.

Economy

The system of making and exchanging goods and services in a country.

Employee

A person who works for a business or organisation.

Employer

A person or business that hires employees.

Employment

Having a paid job.

Enterprise

The fourth of the factors of production that brings the other three together to produce a product.

Entrepreneurship

The act of starting and running a business.

Export

Goods or services sold to another country.

Factors of production

Resources used to produce goods and services: Land, Capital, Labour and enterprise.

Financial institutions

Businesses like banks that deal with money and finance.

Goods

Physical items that can be bought or sold.

Gross Domestic Product (GDP)

The total value of all goods and services produced in a country in a year.

Import

Goods or services bought from another country.

Income

Money received from work or investments.

Inflation

The rise in prices of goods and services over time.

Innovation

Creating new ideas, products, or ways of doing things.

Interdependence

When people or businesses rely on each other to satisfy wants and needs.

Interest

Money paid for borrowing money or earned from saving money.

Investment

Putting money into something to earn a profit in the future.

Labour

Work done by people to produce goods and services.

Land

Natural resources used to make goods and services.

Making choices

Deciding between different options when resources are limited.

Market

Where buyers and sellers come together to trade goods and services.

Marketing

Promoting and selling products or services.

Money

A way to exchange goods and services and measure value.

Needs

Things people must have to live, like food, water, and shelter.

Opportunity cost

The value of the next best choice that you give up when making a decision.

Packaging

Materials used to protect and present products.

Oversupply

Too much of a product or service, effecting market price.

Pension

Money paid to a person after retirement.

Producer

A person or business that makes goods or provides services.

Profit

The money left after all business expenses are paid.

Relative scarcity

The limited nature of resources compared to people's wants.

Resources

Things used to produce goods and services.

Retirement

The time in life when someone stops working full-time.

Salaries

Fixed regular payments to employees for their work. Different from wages, because it is a set amount, not determined by hours worked.

Saving

Putting money aside for future use.

Scarcity

When there are not enough resources to meet all wants.

Services

Non-physical activities done for others, like teaching or hairdressing.

Specialisation and trade

Focusing on what one does best and trading with others.

Strategy

A plan of action to achieve a goal.

Superannuation

Money saved during working life for use in retirement. Compulsory in Australia for anyone working.

Survey

A method of collecting information by asking people questions.

Tariff

A tax on imports from other countries.

Tax

Money paid to the government to fund services and infrastructure.

Unemployment rate

The percentage of people who want work but cannot find a job.

Wage

Money paid to workers for the hours they work. Australia has minimum wages.

Wants

Things people would like to have but don't need to survive.

Work

Activity involving effort done to earn money or achieve a purpose.

Market Types

Circular Flow of Income