Commerce Semester 1 2025

needs

Things that are necessary for survival.

wants

Things that are not essential for survival but that we desire.

collective wants

Goods or services that are desired for a whole community.

complementary wants

Wants that complement each other.

individual wants

Wants of an individual for their own personal use.

substitute wants

Items that can be used instead of other items.

goods

Items that you can see or touch.

durable goods

Items that can be used many times.

non-durable goods

Items that can be used only once.

tangible goods

Goods that are capable of being touched.

services

Things done for you by others.

intangible goods

Goods that are not capable of being touched.

land

Naturally occurring resources, such as forests.

labour

The human skills and effort required to produce goods and services.

capital

Goods used to make other goods, e.g., a blender to make smoothies.

enterprise

Refers to the initiative and risk-taking involved in organizing the other factors of production.

primary industry

Produces raw materials from natural resources, e.g., farming or mining.

secondary industry

Includes all workers involved in turning raw materials into finished or semi-finished products, e.g., steel to make cars.

tertiary industry

Service business, providing services for others.

quaternary industry

Information and knowledge sharing, e.g., teachers.

quinary industry

People within homes offering services, e.g., domestic cleaning.

federal government

Laws for the entire country, e.g., trade or defense.

state government

Responsible for areas within states or territories, e.g., hospitals, schools.

local government

Responsible for local matters, e.g., rubbish collection, parks.

scarcity

The gap between limited (scarce) resources and unlimited wants.

opportunity cost

What a person loses if they choose to do A rather than B.

commerce

The buying and selling of goods and services between individuals and businesses.

comparison shopping

Contacting a number of sellers to obtain the best deal.

manufacturer

A person or business that makes goods and sells them to wholesalers.

wholesaler

A person or business that buys goods in large quantities from manufacturers for sale to retailers.

retail

A business that sells products directly to consumers.

discount store

A business that sells products for less than normal store prices.

scam

An illegal business practice where criminals deceive people to steal their money or personal information.

too good to be true

An offer that seems too advantageous and probably is.

urgency in scams

Scammers create pressure to act quickly without thinking.

unsolicited contact

Unexpected messages or calls from unknown sources.

impersonation scams

Scammers pretending to be trusted businesses, friends, or family.

financial losses due to scams

Scams cost millions of dollars each year.

unconscionable act

Any practice by a seller that is unreasonable, unfair, and often illegal.

contract

A legally enforceable agreement between two or more parties that outlines their rights and responsibilities.

consumer guarantees

Customers can expect a refund or exchange if a product is faulty.

Australian Consumer Law

Laws that protect consumers against unfair trading practices.

redress

Compensation or remedies provided to consumers for wrongs.

pyramid scheme

A scam where participants recruit others and are promised profits primarily for recruitment.

consumer protection agencies

Organizations that help enforce consumer laws and protect consumers.