Exam Revison
Functions Of Money
We use it to set prices for goods
you can exchange it for goods & services
Consumers and Producers
Producers are people who make the goods and services. These people rely on the consumers, to buy these goods & services.
Door-to-door salespeople are not allowed to visit you: on Sundays or public holidays. before 9am or after 6pm on weekdays. Must leave if requested by the consumer. The salesperson must not come or contact the person for atleast 30 days.
Consumers are people who buy the good & services that producers make. They also rely on producers to make them goods and provide them services.
Financial Intermediary: An institution that receive deposits and use the money to lend out to others
Fair Work Act. is an act which was established to make sure all employees were treated fairly
Goods & Services
Goods are items which you are able to touch and are real.
Services are acts and activities which are done by other people like barbers and doctors
Illegal things to do in a business
Misleading or deceptive conduct - Advertisements must not use words that make claims about a product that are not true. This includes claims about low prices, or goods being ‘on special
Offering gifts and prizes in connection with the supply of goods and services and then not providing them.
Conduct that may mislead the public - Using a brand name similar to a well-known brand, or using an Australian-made logo when the product was made overseas.
Referral selling — This occurs when a business offers a customer a special deal or special price if the customer refers other potential customers to the seller and those customers make a purchase.
Bait advertising — This refers to a business attempting to attract customers by advertising some products at lower prices, but stocking very few of those product
Consumer Rights & Laws
Agreements must be fair. Language that is written must be easily understandable. Should not include anything that the seller can change without letting the customer know.
In any deal or transaction, the consumer has the right to ask for a receipt. It is compulsory to have a receipt if the transaction is over $75.
A business with a no refunds sigh are breaking the law. Of the product does not work for its initial purpose a refund must be offered to the buyer.
Lay by agreement must be easily understandable. Must include all terms & conditions
Save it to spend later
You can use it to pay debts
Population will increase from 7 billion to 9 billion
Demand for supplies will increase
Electric cars will come to lower and reduce the pollution around the world today
Self driving cars will come to cause less accidents than there are today and will cause less traffic
3D maps will come to make people come to make the driver reach to their destination quicker and easier
