Year 8 Economics and Business Revision

A consumer can be defined as 

• the final user of goods and services
• someone who loves to eat
• someone who makes goods and services
• someone who consumes a lot

A cooperative is 

• a business that is owned and operated by the group of people that it serves
• a business with one operator
• a business which sells shares on the ASX
• a business operated by the public

A corporation is

• a business owned by the government
• a corporate business
• a business owned by shareholders
• a business owned by corps

A franchise is 

• where a business is owned by shareholders 
• where a business sells the rights to distribute its products under its name to other individuals or businesses
• where a business sells its products to other businesses
• where businesses merge to create one big business

A target market is 

• a market available at target
• a group of people who all buy the exact same goods and services 
• a group of producers who have similiar interestes and therefore join in a partnership business
•  a group of customers with similar characteristics towards which a business has decided to aim its marketing efforts and its products

ACL stands for 

• Australian Consumer Law
• Australian Competition Law
• Australian Consumption Law
• A Cool Law

ACCC stands for

• Australian Competition and Consumer Commission
• Australian Consumer and Consumption Commission
• Australian Commision of Consumers

Unlimited liability is

• where a business owner is personally responsible for all the debts of their business
• where shareholders suffer the losses of business debt 

Voluntary standards are

• standards that suppliers agree to comply with that are not compulsory or legally enforceable
• the standards applied to volunteers
• standards that are voluntary 

A sole proprietorship is 

•  a business that is owned and operated by one person
• a sole business
• a business that only has one customer
• a business that is owned and operated by shareholders