Definitions
* Resources – Inputs into the production process e.g. financial resources, raw material
* Consumer – People who buy goods and services from business
* Products – Tangible item ( you can see and touch)
* Services – Intangible item (you can’t see and can’t touch)
* Shareholders – Part owner of a business
* Profit – Money earned minus expenses
* Input – Raw materials and stock
* Output – Finished good or a semi finished good or a service
* Capital – The money provided by the owners
* Enterprise – Person who takes the risk and owns their own business.
* Supply Chain – The process of sourcing raw materials for production, processing them into finished good and distributing them to customers
* Profit Motive – Motive for starting up your own business
* Gross Domestic Product - The total produced by all business in Australia.
* Shares – Part ownership of a company
* Taxation and it’s users – Provide infrastructure e.g. roads , education , defense , social services
* Downsizing – Making staff redundant by retrenching due to downturn
* Retrenchment – Person loses their job due to economic downturn
* Redundancy – When a job no longer exists or is no longer available
* Outsourcing – Contracting out services e.g. lawyers, accountants, electricians
* Sustainable Competitive Advantage – Advantages businesses had over its competitors
* Obsolete – out of date
* Invention – Something that is totally new
* Innovation – Changing and existing product
* Stake Holder – A person or group that gets effected by something in a business
* Dividend – Return you get from investing in shares, percentage of profit paid to an owner
* Employees – Staff including managers
* Wage – Hourly rate of pay
* Salary – Annual rate of pay
* Trade Practices Act – Act of parliament in which protects consumers from unfair business practices
* Creditors –...