What is meant by the term Expenditure

Money spent by a business or individual

Why should you learn about business and economics

It can help students learn about their strengths and weaknesses, Help students learn about the basics of economics and starting a business, Australia needs more entrepreneurs as it is good for the country

What 4 attributes are needed to be a successful entrepreneur?

attitude, creativity, healthy relationships, good organisation

What do we mean by the term industry sector?

a group of businesses that produce a particular kind of goods or services

Planning how much money you will earn and spend in a certain period of time

What is meant by the term income?

Money received by a business or individua

What strategies can enhance the probability of succes?

Establish a realistic and sustainable business model, Identify and understand your target market

studbud

Business and Economics

9 termsStudBud Administration9 plays

Imported from external platform

Flashcards9 cardsFPractice quizPHost liveL

Questions 9

Answers

1
What is meant by the term Expenditure
An item of property owned by a person or company, regarded as having value
Resources used in a production of goods and services
All physical equipment used in a process of production
Money spent by a business or individual
2
Why should you learn about business and economics
So that you can become a gajillionaire
It can help students learn about their strengths and weaknesses
Help students learn about the basics of economics and starting a business
Australia needs more entrepreneurs as it is good for the country
3
What 4 attributes are needed to be a successful entrepreneur?
Own a zillion dollar house and drive a lamborghini
Be ruthless: rip as many people off as you can get away with
attitude, creativity, healthy relationships, good organisation
Learn how to win friends and influence people
4
What do we mean by the term industry sector?
An individual and/or business involved in the production of goods
a maths term
All activity to do with production and trade of goods by a busines
a group of businesses that produce a particular kind of goods or services
5
What is a budget?
Gidget's older brother
Planning how much money you will earn and spend in a certain period of time
The excuse your parents give you for not buying you the latest kicks
A good mate with a lot of money
6
What is an entrepreneur?
Have skills and initiative to identify and bring innovations to the market
new ideas for products or services, and they play a key role in any economy
All of the above
someone who creates a new business, taking on most of the risks and rewards
7
What is meant by the term income?
Producing goods using the minimum amount of resources to avoid waste
Money spent by a business or individual
An item of property owned by a person or company, regarded as having value
Money received by a business or individua
8
What strategies can enhance the probability of succes?
Establish a realistic and sustainable business model
Identify and understand your target market
Make sure you enjoy yourself
Have a lot of time off
9
What are 3 reasons to plan for success?
Helps to identify your strengths, weaknesses, opportunities and threats,
All of the above
Planning helps you organise and prioritise your time, resources and actions
To monitor your progress, evaluate your outcomes reflect on your learning,

Business and Economics Flashcards | StudBud