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Year 8 Hass 2019 (Types of businesses (Sole traders (Sole traders are…
Year 8 Hass 2019
Types of businesses
Sole traders
Sole traders are individuals that run their own business but they can employ people to work for them, Sole traders are completely responsible for the success or failure of their own business and this means that if the business fails the owner might find them self having to sell their own personal belongings. this is the most common business structure for small business owners in Australia
certain business structures are better for certain businesses, small business owners in Australia usually chose the solo traders business structure
Partnerships
Partnerships are businesses where two or more people come together to form and run a business together. The profit of the business is determined with how much each person put into starting the business for example if there was two people in the business and one person pays 600 dollars to start the business and someone else pays 400 dollar the person that payed 600 dollars gets 60% of the profit and the person that payed 400 dollars gets 40% of the profit. This is a very popular business type in Australia
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Corporations
Corporations (Also known as companies) are businesses that buy the rights from a business idea, They are more expensive to set up but it is better because you have limited liability, limited liability is when if the business fails you wont be forced to sell your personal belonging to pay of the debs. This is rarely chosen by business owners in Australia
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Cooperatives
A cooperative is a business made up of at least five people and all people in the business have equal voting rights no matter what position they have in the business , this makes every person in the business feel important. This is making businesses like this more successful because they are getting more useful ideas
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Scarcity
Money
Some of us only have a little bit of money and we cant pay to survive in the world let alone pay lots of money for high prices items because the item is so rare like gas, and electronics
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Resources
Coal,iron, gas, for building cars and building and fueling the cars and power plants
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Copper ore is very scarce ( there isn't a lot of it) and we need it to build telephone wires and more electronic things
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Land
Land can be scarce because we need to keep building houses to give people homes and we also need a place where we can build factories and warehouses and we don't have enough space for them
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Specialization and Trade
Exporting
Exporting is when you ship a good or a service to someone by a mode of transport but usually is by boat
Specialization in trade is when someone buys or sells products and they have to be moved over seas, it is also about the money that they use
Importing
Importing is when you buy something from overseas and you get it sent to you by a mode of transport such as a boat
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Currency
Currency is the type of money that is used to buy the goods and services, some types of currency are worth different amount so for example 1000 rupees is worth about about $21 dollars in australia so depening what currency you are using depends on how much things cost
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Supply And Demand
Cost
Cost is how much it is going to cost to make the product and how much profit you want to make from each product is how much you want to sell the item for
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wanted
wanted is how much people actually want to buy and this is significant because it tells you how much you need to produce and much it will cost
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Amount
The amount is how much of the product you need to produce for the consumers, this changes depending on how much people are willing to buy.
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Government
state
State governments take care of Police stations, hospitals and real estate
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Federal
Federal governments take car of the currency of Australia and they also take care of the army for Australia
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