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Business
An organized effort of individuals to produce and sell products for profit that satisfy individual needs and wants.
Entrepreneurship
The opportunity for individuals with ideas to develop them and gain rewards through business.
Innovation
The incentive and resources necessary for continuous research and development in business.
Employment
Businesses provide approximately 80% of job opportunities in Australia.
Provider of Goods and Services
Businesses combine labor and other resources to produce goods and services.
Choice
Competition and trade give consumers access to a wide range of goods and services.
Quality of Life
The production of goods and services that improve the standard of living.
Wealth Creation
An avenue for investment and profit generation provided by business.
Source of Government Revenue
Businesses contribute revenue to the government through taxation.
Product
A good or service that can be bought.
Good
A tangible item that can be seen and touched.
Service
An intangible product that cannot be physically touched.
Production
Activities that combine resources to create products that satisfy customer needs.
Finished Product
A product that is ready for customers to buy and use.
Sales Revenue
The income generated from selling goods and services.
Profit
Sales revenue minus operating expenses.
Income
Compensation provided to business owners and employees through wages, salaries, and dividends.
Micro Business
A business with up to 5 employees.
Small Business
A business with up to 19 employees.
Medium Business
A business with 20-199 employees.
Large Business
A business with more than 200 employees.
Local Business
A business that serves the surrounding area with a restricted geographic spread.
National Business
A business that operates within one country.
Global Business
A large business that operates in more than one country.
Primary Industry
Businesses directly associated with natural resources.
Tertiary Industry
Businesses providing a range of services to individuals.
Quaternary Industry
Services involving the transfer and processing of information and knowledge.
Quinary Industry
Services traditionally performed in the home.
Incorporated
A company that acts as its own separate legal entity with limited liability.
Unincorporated
A business structure where the owners have unlimited liability.
Sole Trader
A business owned and operated by a single person.
Public Company
A company listed on the Australian Securities Exchange, allowing the public to buy shares.
Private Company
A company with private ownership where shareholders have limited liability.
Government Enterprise
A business owned and operated by the government.
Deregulation
The removal of governmental regulations from industry to increase efficiency.
Consumer Market
Markets composed of consumers who purchase goods and services.
Stakeholders
Groups with an interest in or affected by the activities of a business.
Business Lifecycle
The stages a business goes through from establishment to cessation.
Establishment Stage
The first stage of a business lifecycle where the business begins trading.
Growth Stage
The second stage where sales increase rapidly and the customer base expands.
Maturity Stage
The third stage where growth levels off due to increased competition.
Post-Maturity Stage
The final stage where the business faces either renewal, decline, or cessation.
Merger
The combination of two businesses into a new organization.
Acquisition
One business takes control of another by purchasing a majority interest.
Vertical Integration
When a business merges with suppliers or distributors in its supply chain.
Horizontal Integration
When a business merges with or acquires a firm that makes similar products.
Diversification
When a business expands into unrelated industries.
Cash Flow
The total amount of money coming into and going out of a business.
Management
The process of planning, organizing, leading, and controlling a business.
Internal Environment
Factors within a business that are controllable, such as resources and management.
External Environment
Factors outside a business that are uncontrollable, such as government policy and economy.
Economic Cycle
Periods of growth and recession resulting from fluctuations in economic activity.
Interest Rate
The cost of borrowing money, influencing business debt decisions.
Legal Structure
The framework that determines ownership and operational aspects of a business.
Fair Work Act 2009
Legislation governing employment practices in Australia.
Competition and Consumer Act 2010
Legislation aimed at protecting consumers and promoting competition.
Globalisation
The increased interconnectedness of economies and cultures.
Demographic Changes
Shifts in population characteristics affecting market demand.
Corporate Culture
The shared values, ideas, and beliefs in a business organization.
Resource Management
Managing human, informational, physical, and financial resources within a business.
Business Environment
The surrounding conditions that influence how a business operates.
Market Change
Shifts in consumer demand and expectations affecting businesses.
Financial Deregulation
The changes in the financial sector to enhance competition and efficiencies.
Social Influence
Changes in consumer behavior influenced by cultural and societal factors.
Technology Influence
The impact of technological advancements on business operations.
Institutional Influence
Regulatory and institutional factors affecting business compliance and operations.
Political Influence
The impact of government policies and political changes on business.
Risk Management
Processes to manage and mitigate potential business risks.
Fill in the blank: A __________ is a tangible item that can be seen and touched.
Good
Fill in the blank: A __________ is a good or service that can be bought.
Product
Fill in the blank: __________ provide approximately 80% of job opportunities in Australia.
Businesses.
Fill in the blank: __________ is the process of planning, organizing, leading, and controlling a business.
Management.
Fill in the blank: __________ is an avenue for investment and profit generation provided by business.
Wealth Creation.
Business
An organized effort of individuals to produce and sell products for profit that satisfy individual needs and wants.
Fill in the blank: __________ is an organized effort of individuals to produce and sell products for profit that satisfy individual needs and wants.
Business
Fill in the blank: __________ is the incentive and resources necessary for continuous research and development in business.
Innovation
Fill in the blank: __________ is the income generated from selling goods and services.
Sales Revenue
Fill in the blank: __________ is the production of goods and services that improve the standard of living.
Quality of Life
Fill in the blank: __________ is the combination of two businesses into a new organization.
Merger
Fill in the blank: __________ is a business structure where the owners have unlimited liability.
Unincorporated
Business
An organized effort of individuals to produce and sell products for profit that satisfy individual needs and wants.
Establishment Stage
The first stage of a business lifecycle where the business begins trading and establishes its presence in the market.
Note 
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