Hums exam s1 revision

Front

Where does Australia mostly import from?

Back

Australia mostly imports from China, the US, Japan, South Korea and Thailand.

Front

Where does Australia mostly export to?

Back

China, Japan, The US, South Korea and India.

Front

What is the definition of inflation?

What is the definition of unemployment?

What is GDP?

What is an interest rate?

Back

Inflation is the general increase in price and fall of the purchase value of money.

When a person who is unemployed and seeking employment cannot find work.

Gross Domestic Product.

The proportion of a loan charged as interest to the borrower typically expressed as the annual percentage of the loan outstanding.

Front

What is relative poverty?

Back

It is the individuals or families that have lower income or resources compared to other individuals or families.

Front

What is innovation?

What is entrepreneurship?

Back

Innovation is a new method of completing a task that is more efficient than the last.

Entrepreneurship is the whole process of starting up a business.

Front

How do businesses contribute to the Australian economy?

Back

Businesses provide benefits in the economy as they provide jobs, stimulate innovation and contribute to Australia's GDP growth.

Front

What is culture of innovation in business and why is it needed?

Back

A culture of innovation is a type of work culture that encourages innovative and outside the box thinking to keep businesses thriving.

Front

What are the types of market segmentation?

Back

Demographic (Age, gender, income, level of education, profession, etc.)

Lifestyle (Personality, hobbies, social status, opinions, life goals, values, etc.)

Behavioural (Spending habits, purchasing habits, browsing habits, interactions, loyalty to brand, etc.)

Geographical (Climate, culture, language, population, etc.)

Front

What is competitive advantage?

Back

Competitive advantage is when a company has the ability to provide goods/offer services in a better way than competitors.

Front

How does AI innovate technology?

Back

AI has recently changed and offered the public many opportunities (often for free) such as image generation, website and app generation, text generation and more, changing businesses for the opportunity of innovation.