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Competitive Advantage Part 1 Flashcards | StudBud
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Competitive Advantage Part 1
Competitive Advantage Part 1
25 terms
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StudBud Administration
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626 plays
9 Business Studies
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Global events can affect economic activity
Nope
Yes
2
The objective of an economy is to...
satisfy limited needs and wants
satisfy unlimited needs and wants
3
Which of the following is an environmental objective?
Maximise profits
High quality products
Find a cheaper supplier
Reduce omissions
4
Interdependence is...
reliance between participants in the economy
unreliable participants
limited resources
being dependent
5
Who of the following are participants in the economy?
Governments
Workers
Producers
Consumers
6
Globalisation has been driven by rapid advances in?
Telecommunication
Fish and chips
Technology and media
Transport
7
Factor endowments are resources a country has. Which of the below are consider factor endowments
Globalisation & Trade
Economy & Interdependence
Capital & Enterprise
Land & Labour
8
There is an increasing interdependence between participants in the global economy
True
False
9
Which of the following is a current event affecting economic activity?
Me
School
Fish in the ocean
Covid-19
10
Which of the following is ranked as Australia's number 1 export?
Wheat
Beef
Iron ores & concentrates
Coal
11
Which of the following are objectives
Social
Financial
Organisational
Environmental
12
Which of the following is an organisational objective
Find a cheaper supplier
High quality products
Reduce omissions
Maximise Profit
13
Expansion into international markets (overseas markets) is necessary for economic growth?
False
True
14
A business objective is...
Business has not achieved success
Financial
A goal or future business action
success has been achieved
15
Which of the following is a Financial objective
Reduce omission
Make staff feel like family
Maximise Profits
High quality products
16
How many sectors are represented in the circular flow of income model?
2
5
3
1 million
17
The levels of production, distribution and consumption of goods and services in an economy refers to...
Economic advantage
Global economies
Economic activity
Economies of scale
18
Which of the follwing is a sector in the model?
Overseas Government sector
Sector sector
Household sector
Ships sector
19
Which of the following is an environmental objective?
Reduce omissions
High quality products
Move production offshore
Maximise profits
20
Australia is a free market economy
False
True
21
Global economic activity refers to...
economic activity occurs only in Australia
economic activity occurs between different countries in the world market
22
Which of the following global events impact economic activity
Environmental events
Financial events
Political events
Economic events
23
Which of the following is ranked as Australia's number 1 import?
Ships, boats and floating structures
Passenger motor vehicles
Refined petroleum
Personal travel
24
Markets cannot be local, regional, national or international
False
True
25
Who does Australia mainly trade with
Africa
America
Asia-Pacific
Europe
