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| Needs are things individuals must have in order to survive e.g. food, water, clothes and shelter. |
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| Wants are things individuals would like to have but are not essental for survival e.g. iPhone, trip to Fiji. |
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| Goods are tangible items e.g. bike. |
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Definition
| Scarcity is when there is not enough goods and services available to satisfy everyone's wants for them. |
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Term
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| Market is a place or situation where buyers and sellers exchange goods and services. |
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| Barter is the system of exchange where goods or services are directly swapped for goods or services. |
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| Medium of exchange is when something is accepted in exchange for a range of goods or services. |
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| Pin is a number, known only by the holder of a debit or credit card, which is carrying out a transaction. |
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| Counterfit is an illegal copy. |
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| Portable is when something is easily carried around. |
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| A method of payment where funds are electronically transferred from one bank account to another while the buyer and seller are still at the point of sale. |
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Definition
| Durable is when something will last well over time. |
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Term
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Definition
| Legal tender must be accepted in payment for a dept. |
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Definition
| E-commerce is use of internet in the exchange of commodities or services. |
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Term
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Definition
| Peer pressure is when friends influence how we behave, usually because we want to fit in. |
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Term
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| Media is mediums such as newspaper, Internet, television, DVD, video, radio etc. |
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Term
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Definition
| Upbringing is the way a person is educated and treated at home during the growing years. |
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Term
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Definition
| Values are the things we consider important when deciding how to behave and what to think. |
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Term
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Definition
| Culture is the inherited ideas, beliefs, knowledge and the way of life of a group of people. |
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Definition
| Spiritual ideas that a person accepts to be true. |
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| Creating something new or improving something that already exists. The successful commerial exploition of an invention (ie. the invention is successfully brought to the market). |
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Term
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Definition
| Meeting the needs of today's generation without compromising the ability of future generations to meet their needs. The integration of economic, social, environment and cultrual outcomes- meeting the OUADRUPLE BOTTOM LINE. |
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Term
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Definition
| =PROFIT. The traditional view that businesses should maximise their profit. This may come at the expense of people and the environment. |
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Term
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Definition
| Economic-Social-Environmental-Cultural/ethical. |
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Term
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Definition
| Protecting the environment by minimising waste, recycling, being energy efficent and protecting non-renewable resources. |
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Term
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Definition
| Respecting cultural diversity and recognising/protmoting different cultures. |
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| Aiming to improve the community and social issues within the community (e.g. health, crime and poverty). |
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Definition
| Doing something that is regarded as being morally correct and appropriate. |
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Definition
| Making a profit and minimising costs. |
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Definition
| Being involved in and contributing to the local community. |
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Term
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Definition
| The extraction of natural resources. |
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Term
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Definition
| The processing/manufacturing/refining of raw materials into goods or semi-finished goods. |
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Term
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Definition
| The provision of services, including the retail sector (store). |
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Term
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Definition
| Applies to a company *When the business fails the owner doesn't need to pay the debts of the business using their personal assets. |
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Term
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Definition
| Applies to a sole trader (1 or more) and a partnership (2 or more) *When the business fails, the owner/s may need to pay the debts of the business using their personal assets. |
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Term
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Definition
| Applies to a company *Ownership of the business is transferable to another person. |
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Term
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Definition
| Applies to a sole trader and a partnership *Ownership of the business is NOT transferable to another person. |
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