commerce notes 2023

Households

Primary consumers of goods and services, provide labor and savings, crucial in generating income and demand.

Businesses

Producers of goods and services, hire labor and invest in capital and technology to improve productivity.

Government

Provides public goods and services, collects taxes and influences economic growth and stability through policies.

Financial Institutions

Channel savings into investments, provide credit to households and businesses, enable efficient allocation of capital.

Overseas Sector

Represents international trade and financial transactions, includes exports, imports, and government policies that influence trade and finance.

Recessions

Periods of low economic activity caused by lack of spending, leading to falling profits, high unemployment, low inflation, and decreased business sales and profits.

Booms

Periods of high economic activity characterized by rising production, spending, and employment, full employment of resources, high wages, high inflation, and high interest rates.

Technology

Technological advancements revolutionize business operations, enhance efficiency, product quality, and communication.

Globalization

Expanded markets, cheaper materials, and access to talent are positive impacts, while increased competition, unemployment, and environmental/social issues are negative impacts.

Entrepreneurship

Individuals who take risks and turn innovative ideas into thriving businesses, seek opportunities, and derive profits.

Innovation

Enhancing existing products or services, creating unique offerings, elevating living standards, generating employment, and boosting economic activity.

Law

Principles of fairness, equality, and access, establishing boundaries of behavior, protecting individuals, resolving disputes.

Values, Morals, and Ethics

Fundamental beliefs, standards of behavior, and simple moral rules or principles.

Australia's Court System

Local Court, District Court, Supreme Court, and High Court, each with different jurisdictions and responsibilities.

Children's Court

A court that handles cases involving the care and protection of children and young people, as well as criminal cases involving offenses committed by individuals under the age of 18.

Coroner's Court

A specialized court that investigates deaths by unnatural causes to determine the identity of the deceased and the circumstances and cause of death.

Family Court

A specialized court that deals with complex family law matters such as divorce, parenting disputes, and property division.

Drug Court

A court that aims to provide long-term solutions for offenders caught in the cycle of drug use and crime by helping them become drug-free, gain employment, and reduce the need to commit crimes to support their drug habit.

Private Law

Deals with how individuals interact with each other and their rights and duties towards each other.

Public Law

Regulates people's behavior within society as a whole and protects the freedom of individuals, as well as the conduct expected from the government.

Administrative Law

Deals with the decisions and powers of government departments and allows courts to review and change government decisions if necessary.

Constitutional Law

Deals with the rules by which a country is governed, including the powers and authority of parliament, the rights of citizens, and the powers between federal and state governments.

Contract Law

Concerned with legal agreements between two or more people and allows for legal action if one party fails to fulfill their side of the agreement.

Family Law

Regulates family relationships and covers areas such as marriage, de facto relationships, divorce, custody, and other aspects involving family members.

Criminal Law

Keeps the community safe from harm, provides for an orderly society, and deals with crimes when they occur, punishing offenders who put people and property at risk.

Industrial Law

Concerned with the rights and obligations of employers and employees, including resolving industrial disputes, workers' compensation, occupational health and safety, and discrimination in the workforce.

Property Law

Recognizes real property (land and buildings) and personal property (goods and services) and provides regulations for the sale, leasing, and hiring of property.

Tort Law

Deals with situations where one person infringes on the rights of another, resulting in distress or injury, allowing the injured party to claim financial compensation.

Civil Law

Part of private law that deals with non-criminal matters, allowing individuals to bring actions against others for civil wrongs done to them, protecting individual rights.

Domestic Law

Laws that apply within a country and are enforced by the country's legal system.

International Law

Sets standards of behavior for nations and their citizens when dealing with cross-border issues or issues of general concern, fostering good relationships and avoiding conflicts.

Access to Justice

The issue of individuals or groups facing difficulties in accessing the legal system due to factors such as cost, distance, time, procedural complexity, and language barriers.

Entrepreneur

An individual who has a clear vision, takes calculated risks, innovates, and adapts in order to succeed in business.

Market Research

The process of gathering and analyzing information about customers and business opportunities to make informed decisions and develop effective marketing plans.

Location

The critical factor of where a business is situated, impacting its success in terms of sales and operational costs.

Demographics

Factors such as age, ethnicity, gender, and income that influence customer spending patterns and help businesses identify their potential customer base.

Competition

Rivalry among businesses trying to meet market needs, requiring businesses to be aware of competitors and establish a sustainable competitive advantage.

Target Market

The specific group of customers to whom a business intends to sell its products or services, guiding marketing efforts and product development.

Organizational Structures

The different entities through which businesses operate, including sole traders, partnerships, private companies, public companies, and incorporated associations.

Unincorporated business

A business that has no separate legal existence from its owner(s) and can be either a sole trader or partnership. The business entity and the owner(s) are one and the same.

Sole trader

A business owned and operated by one person. The owner receives all the profit and suffers all the losses, and has unlimited liability.

Partnership

A business owned and operated by between 2 and 20 people called partners. The partners share profits and losses, and have unlimited liability.

Private company

A company with between 2 and 50 private owners called shareholders. Shares are offered only to those the business wants as part owners. Shareholders have limited liability.

Public company

A company with an unlimited number of shareholders. Shares are listed on the Australian Securities Exchange and can be bought and sold by the public. The company must have "limited" in its name.

Incorporated association

A small-scale, nonprofit, and non-commercial organization with a separate legal identity from its members. Provides protection to members. Usually chosen by small community groups.

Equity financing

The business owner contributing their own funds to finance the business.

Debt financing

Obtaining a loan from external sources to finance the business.

Prospectus

A legal document issued by companies offering securities for sale, providing information about the risks and disclosures of the investment.

Starting a business from scratch

Establishing a new business without purchasing an existing one.

Purchasing an existing business

Buying an already operating business, including stock, equipment, premises, customer base, staff, reputation, and goodwill.

Franchising

Buying the right to use the business name and distribute goods/services of an existing business (franchisor). Franchisee receives benefits of a successful business formula and established trademarks.

Staffing

Developing good working relationships with staff and motivating them for improved profit growth and increased market share.

Identifying an appropriate location

Considering factors such as accessibility, target market, competition, and costs when choosing a business location.

Equipping premises

Ensuring the right equipment, fittings, furniture, and technologies are available for efficient business operations.

Obtaining realistic valuations

Assessing the current worth and future prospects of an existing business when purchasing it.

Marketing strategies

Methods used by a business to inform, persuade, and remind customers about its products, including personal selling, relationship marketing, sales promotion, publicity, public relations, and advertising.

Ethical decision-making

Making morally right or wrong decisions, not just following legal obligations.

Corporate social responsibility (CSR)

Considering the financial, environmental, and social impacts of business decisions. Striving for both profit and the greater good of society.

Economic cycle

The periods of high and low economic activity that impact businesses and customers, including prosperity, recession, and recovery phases.

Business responses to economic peaks

Actions taken by businesses during periods of economic growth, such as increasing wages, expanding production, hiring more staff, increasing prices, and investing in new equipment or assets.

Business responses to economic troughs

Actions taken by businesses during periods of economic decline, such as maintaining or decreasing wages, maintaining or decreasing production, reducing the workforce, keeping prices stable, and halting expansion.

Product differentiation

The process of making a product different from and better than competitors' products to make it more appealing to customers. This can be achieved through factors such as service, convenience, value, social appeal, ethical considerations, and environmental sustainability.

Factors for product differentiation

Key elements that contribute to product differentiation, including service quality, convenience of availability, value for money, social appeal, ethical considerations, and environmental sustainability.

The selling process

The steps involved in selling a product, including product promotion, product differentiation, and addressing consumer needs.

Role of gender in product promotion

The impact of gender stereotypes and the use of sexual themes in advertising on product promotion. This includes the portrayal of traditional gender roles in advertisements and the use of sexual appeal to sell products.

Criticisms of gender stereotypes in advertising

The two major criticisms of using gender stereotypes in advertising, which include reinforcing traditional gender roles and overusing sexual themes to sell products.

Ethical consumerism

The growing trend of consumers seeking products that align with their ethical values, such as environmentally friendly or socially responsible products.

Gender-inclusive advertising

A marketing approach that aims to address the needs of all consumers by avoiding traditional gender stereotypes and promoting inclusivity.