Commerce SEM 1 notes 24

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33 Terms

1

Hospital benefits

(sickness + accident)

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2

Accessibility

( disability) , permanently blind, single = $100, couple= combined payment $150

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3

Austudy

25 plus years, full time student, and you must have no other source of income, .

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4

Commonwealth

Federal Government

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5

SSB's

Social Security Benefits

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6

Why do we pay tax

Goes to federal government who then gives to people who are unable to work.

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7

Business

An economic activity aimed to satisfy the goods and services of people's needs

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8

Capital

Goods used to make other goods, e.g Sewing machine

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9

Collective wants

Goods or services that are provided for the whole community e.g hospital, train, park

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10

Commerce

the buying and selling of goods and services between and individual and a business

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11

Complementary wants

Wants that go together; for example, toast with jam or tennis racquet with tennis balls

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12

Consumer

A person who consumers a good or service

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13

Consumer/ private wants

Private wants are those items desired by individuals for their own personal use. Eg. Watch, dress, book

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14

Durable goods

Item that can be used many times. Eg. fridge; car; vacuum cleaner

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15

Enterprise

A business project which operates on its own

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16

Goods

Items that can be seen and touched. ie tangible itemsEg. Fruit; milk; shoes; backpack; mobile

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17

Labour

The human skill required to produce goods and services

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18

Land

Naturally occurring resources such as forests, coal and soil

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19

Money

Any token, of an agreed value, that is accepted as a form of payment in exchange for goods and services

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20

Needs

Items that are necessary for survival.Eg. Food, clothing, shelter

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21

Non-durable goods

Goods that can be used only once. Once used its finished/gone. Eg. Petrol, milk, sometimes called single use

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22

Opportunity cost

What the consumer has to forego if they choose product A over product B. It is the value of the next best alternative that is forgone whenever a choice is made

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23

Primary industry

Extracting raw materials from the land or the sea.eg. Mining; forestry/lumbering; agriculture; fishing

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24

Quaternary industry

The processing of information.Eg. Financial advisor; teacher; real estate agent; IT dept;

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25

Quinary industry

The sector in the economy which produces home-based activities. Eg. Hospitality - café/restaurants; hotel/motel childcare; ironing; cleaning; gardening; crafts such as pottery, jewellery making, painting

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26

Resources

A supply of items that can be combined together to produce a good/service. A supply of items that can be combined together to produce a good/service.

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27

Scarcity

Something which is in short supply. Demand is greater than supply. Therefore, the price is forced higher.

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28

Secondary industry

The processing of raw materials into finished or semi-finished goods - manufacturing. Eg. furniture factory

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29

Services

Tasks performed by a specialist for consumers. Eg. Hairdresser; Dr; Dentist; Architect; Teacher

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30

Substitute wants Items that can be used in place of another items.

Eg. Butter v margarine; jam v vegemite; car v bus

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31

Tertiary industry

The provision of a service. Eg P.O. Assistant; Ambulance;Drs consultation; Dentist; Hairdresser; Butcher

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32

Wants

Items that are NOT essential for survival. They make life easier or more comfortable. May be called luxuries. Eg. Dishwasher; air conditioning; TV; coffee machine; car

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33

Eg. Dishwasher; air conditioning; TV; coffee machine; car

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