Business Definition Matchup Activity
The Australian Taxation Department defines this as
1 Goods a business with an annual turnover of less than $10
million.
An organisation or enterprise engaged in producing
2 Services or buying and selling goods and services - usually
for profit.
Information that is directly recorded, which can be
3 Needs
quantitative or qualitative.
Very large profit making business with the capacity
4 Wants
to influence society and politics.
Something that is essential for survival such as food,
5 Trade-off
water or shelter.
A social science (study of human behaviour) that
studies decisions made by individuals, households,
6 Opportunity cost businesses, governments and other groups about
how scarce resources are allocated in attempting to
satisfy needs and unlimited wants.
An intangible product that can satisfy a need
7 Business or a want such as education, communication,
transportation, retail or recreation services.
A good or service that is desired to provide
satisfaction to a user, but which is not necessary for
8 Big business
survival or to meet the basic standard of living in a
community.
9 Small business A tangible item that can satisfy a need or want.
A sacrifice that must be made when choosing
10 Profit how to use resources. The preferred (next best)
alternative is known as the opportunity cost.
A person or a group that is the final user of goods
11 Not-for-profit
and services produced within an economy.
In History, this is any written or non-written material
that can be used to investigate the past. For
example: coins, photographs, letters, gravestones,
12 For profit buildings or transcripts. In Business, this could
be self reported information such as reports or
financial documents. A source becomes ‘evidence’ if
it is of value to a particular inquiry.
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Business Definition Matchup Activity
A business that uses surplus funds to achieve its
goals rather than distribute these funds to the
13 Resources
owners. These often exist in the form of charities,
service organisations and clubs.
Leftover income or revenue after a business has
14 Consumer
paid its expenses.
A business that primarily aims to earn profit and
15 Economics
look after its own interests.
What can be learnt from a source to help construct
16 Data a narrative or piece together a cohesive argument
about a business.
The value of the next best alternative that is
17 Sources
foregone whenever a choice is made.
The four factors of production used to produce
18 Secondary sources goods and services that satisfy needs and wants:
land, labour, capital and enterprise.
In History, these are accounts about the past that
were created after the time being investigated
and which often use or refer to primary
sources. Examples include writings of historians,
encyclopaedias, documentaries, history textbooks
and websites. In Geography, these are sources of
19 Evidence
information that have been collected, processed,
interpreted and published by others. For example:
census data, newspaper articles and images or
information in a published report. In Business,
these could be newspaper articles, images or
published reports.
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