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Term 3 Economics (WORD WALL:- (PRODUCERS are individuals and businesses…

- - - - Misleading or deceptive conduct
        
        Advertisements must not use words that make claims about a product that are not true.
      - Unconscionable conduct
        
        This is any business conduct that is unfair or unreasonable.
      - 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
      - Bait advertising
        
        This refers to a business attempting to attract customers by advertising some products at lower prices, but stocking very few of those products. When the advertised products quickly run out, customers are then directed to higher priced items.
      - 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.
  - - - WEEKDAYS: - 9am to 6pm
      - SATURDAYS: - 9am to 5pm
  - - - Its role is to assist employees and employers to maintain fair and productive workplaces.
      - roles include: -
        
        setting minimum wages
        
        creating and changing modern awards
        
        approving enterprise agreements
        
        acting as the independent umpire in disputes, including unfair dismissal claims.
      - Can contact if: -
        
        unfairly dismissed
        
        discriminated against, victimised or unfairly treated under the provisions of the Fair Work Act
        
        bullied at work and want an order to prevent that from happening
- - - - One person owns a business and manages everything to do with it by themselves.
    - - 2 or more people owning the business and sharing and investing everything equally.
    - - Owned by shareholders. They don't need to invest personal assests.
  - - - Price Fixing
        
        It is illegal for two businesses in competition with each other to agree to set identical prices for their products.
      - Misues of Market Power
        
        Not all businesses are the same size, and there is a risk that larger businesses may use their power unfairly to drive smaller competitors out of business.
        
        The Act bans any action aimed at damaging or getting rid of a competitor or preventing another business from entering the market.
      - Predatory Pricing
        
        Predatory pricing occurs when a business deliberately sets its prices at such a low level that its competitors cannot match them.
        
        In such cases, the business actually decides that it is prepared to lose money for a while until it has forced its competitors out of the market.
      - Exclusive Dealing
        
        Exclusive dealing involves one business trading with another while imposing restrictions on that other business’s freedom to deal with its competitors.
        
        An example is when a hair products supplier will only sell to a hairdresser on the condition that the hairdresser does not purchase hair products from any other supplier.
        
        This can be legal in some circumstances if it is not seen to lessen competition in the market for the products in question.
      - Resale Price Maintenance
        
        Suppliers cannot set the prices at which retailers will sell the products they supply them.
        
        Suppliers can recommend a retail price for the sale of their goods, but it is illegal to attempt to force a retailer to sell at that price.
        
        It is also illegal to set a minimum price that sellers must not sell below, or to force a retailer not to discount goods.
        
        On the other hand, it is quite legal for a supplier to set a maximum price for its products.
      - Merges and Takeovers
        
        When two or more businesses decide to join together, this is known as a merger. When one business decides to buy out a competitor, this is known as a take-over or an acquisition.
        
        Sometimes a merger or take-over in a particular market may lead to reduced competition in that market.
        
        The Act prohibits mergers and take-overs between one or more businesses if they result in the competition being substantially reduced.
  - - - Age
      - Gender
      - Income
      - Target Market
      - Competition
      - Location
  - - - They can modify an existing product or the way in which it is presented, or creating an entirely new product that meets the demands of a newly defined customer or market.
      - Refer to Product Development Branch
    - - Products can be delivered in many ways, including by road, rail, ship, pipelines, power lines and computer networks.
      - Online Shopping
    - - It's a method of delivery where couriers are obtained from a large group of people, especially from online communities, and connected with customers
    - - A business can improve its customer service by seeking feedback from customers and reacting to the suggestions.
      - One way to collect feedback is through a customer survey. Many businesses use customer loyalty programs. Loyalty programs allow businesses to build a database of their customers and to stay in contact with them.
      - Another way that businesses can provide quality service is by training staff in how to provide good service.