Year 10 Business and Finance Exam Revision

A comprehensive set of vocabulary flashcards for Year 10 Business and Finance, covering entrepreneurship, marketing strategies, factors of production, economic theory, business structures, and the business cycle.

Entrepreneur

A person who sets up a business or businesses, taking on financial risks in the hope of profit, who either creates new ideas or improves existing products and services.

Innovation

The process of renewing, changing, or creating more effective processes, products, or ways of doing things, such as implementing new ideas or dynamic products.

Marketing communications

The messages and media that marketers use to communicate with target markets, including verbal, non-verbal, and visual types.

Product (4 P's)

One of the Four P’s of Marketing referring to what is being sold to the consumer.

Price (4 P's)

One of the Four P’s of Marketing referring to how much a product will be sold for.

Place (4 P's)

One of the Four P’s of Marketing referring to where the consumer will find the product when they want to buy it.

Promotion (4 P's)

One of the Four P’s of Marketing referring to how the potential customer will be informed of the existence of the product.

Good

A tangible item that consumers desire or own, such as a car.

Service

A non-tangible or non-physical entity that is sought after by consumers, such as a car service.

Land

A factor of production consisting of physical space and natural resources.

Labor

A factor of production consisting of workers.

Capital

A factor of production consisting of money and equipment.

Entrepreneurship (Factor of Production)

A factor of production consisting of ideas and drive.

The economic problem

The fundamental challenge of how to satisfy unlimited wants and needs with limited resources, involving decisions on what, how much, how, when, and for whom to produce.

Opportunity Cost

The value of what you forgo to pursue something, such as choosing an apple instead of a banana.

Sole trader

An individual who owns all the business assets and is responsible for the business's liabilities.

Partnership

A business structure made up of $2$ or more people who distribute income or losses between themselves.

Inflation

A general increase of the prices of goods and services in an economy or the rate of increase in prices over a given period of time.

Peak

A stage of the business cycle representing the highest point of economic activity before a contraction.

Contraction

A stage of the business cycle characterized by a decline in economic activity.

Trough

A stage of the business cycle representing the lowest point of economic activity before an expansion.

Expansion

A stage of the business cycle characterized by an increase in economic activity.

3 key participants in Australian economy

Consumers, Producers, and the Government.

GDP

The market value of all final goods and services from a nation in a given year.

GDP per capita

The average income earned per person in a given area in a specified year.

Trend

A general direction of change or a way of behaving and proceeding that is developing and becoming more common.