Business Unit 1 AOS 3 keywords

business activity statement (BAS)

records of a business’s claims for input tax credits and accounts for GST payable

business associations

organisations that support businesses through the provision of training and education programs, advice and information

business environment

the surrounding conditions in which the business operates. It can be divided into two broad categories: internal and external.

competitive advantage

the ability of a business to develop strategies that ensure it has an ‘edge’ over competitors

competitors

other businesses or individuals who offer rival, or competing, goods or services to the ones offered by the business

corporate social responsibility

managing a business in such a way that the broader social welfare of the community, including its employees, customers, suppliers and the environment, is taken into consideration when making business decisions

customers

the people who purchase goods and services from a business, expecting high quality at competitive prices

economic conditions

the set of influences that relate to economic activity, including interest rates, wages, unemployment, exchange rates and inflation

employment

when a person works one hour or more in a specified week

environmental lobby groups

special interest groups that promote environmental issues to the public, government and businesses

exchange rate

the price of one country’s currency expressed in terms of another country’s currency

external environment

factors over which the business has little control. It may be further divided into two categories: operating and macro.

globalisation

the effect of hi-tech communications, lower transport costs and unrestricted trade and financial flows turning the whole world into a single market, producing a more integrated global economic system

goods and services tax (GST)

a broad-based tax of 10 per cent on the supply of most goods and services consumed in Australia

interest rate

the price charged or paid for the use of money that has been deposited or borrowed

offshoring

the practice of moving some of a business’s processes or services to the same or another business located overseas

special interest groups

the groups of people who attempt to directly influence or persuade a business to adopt particular policies or procedures

suppliers

those businesses or individuals that supply the materials and other resources that the business needs to conduct its operations

supply chain

the range of suppliers from which the business purchases materials and resources

technological considerations

methods, systems and devices that are the result of scientific knowledge being used for practical purposes

tax rate

the percentage of income or the value of a good, service or asset paid as tax

triple bottom line

the economic, environmental and social performance of a business

unemployment

when a person who, during a specified period, is not employed for one hour or more, but is actively seeking work and is currently available for work

unions

organisations formed by employees in an industry, trade or occupation to represent them in efforts to improve wages and working conditions