Whizz Kids Asignment

7/30/2019 Whizz Kids Asignment

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HOW DO I DO THIS?

Whizz Kids makes it easy to learn and have

fun with its interactive answers.

All you need to do is click on an answer

and itll transport you to a wondrous world

where all will be told.To get back just click either the space or

enter bar.

Now lets get started!


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LIFE CYCLE

The life cycle of a business is a tricky thing to deal with. It starts of with the

establishment, where it starts to build a client base. The next is the growth,where it starts to build gusto, with increasing cash flow and new products or

services. After growth comes the most prosperous stage for a business,

maturity. Maturity is where a business has a solid client base and continues to

grow and expand. The last stage for a business is where it has peaked and

can either maintain its current status or start to decline. This is called post

maturity.
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BUSINESS OWNERSHIP/STRUCTUREThere are different types ownership in the business world. Someone who has sole

control of their company is called a sole trader. They alone are liable, but can also

conduct without answering to anybody. Another type of business ownership

where there is shared management responsibilities, and that can have from 2 totwenty owners is called a partnership.

The structure of a business is very similar to the

ownership. It involves sole traders and partnerships, as

well as the different types of companies; private

companies, public companies and franchises.

Private - A form of business ownership involving 150

private owners (private shareholders). Identifiable bybusiness name followed by abbreviation Pty Ltd

(Proprietary Limited).

Public - A form of business ownership where the

company can have any number of different owners

(shareholders). Identifiable by business name

followed by abbreviation Ltd (Limited).

Franchise - A type of business where a third party has

the right to use a companys name, logo, processes

and practices for a fee.
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ENTREPRENEURSHIP/INNOVATION

An entrepreneur is an individual who organizes and managers a business, taking

on financial risk to do so. They are determined, resourceful individuals whoinput something new into something old to create a successful product, or in

other words, an innovation. Innovation is the application of new solutions

that meet new requirements, inarticulate needs, or existing market

needs, and is crucial in the development of the modern world, without it we

wouldnt have iPhones, HD television, or even washing machines!
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NEEDS AND WANTS/SUPPLY AND DEMAND

A need - Circumstances in which something is necessary, or that require some

course of action; necessity.

A want - Have a desire to possess or do (something); wish for.

Needs and wants are very important in the business and marketing world. They

determine the mechanics of supply and demand. Supply is the products

businesses make, where demand is the products consumers want. The

challenge forbusiness is making a profit while still meeting demand.

The demands of consumers differ with price fluxuation. They will demand less at high

prices and more at low prices. You can determine the level of demand (The

Demand Curve) in a market for particular goods and services at particular points

in time using a graph. For example Appendix #1.

Supply also differs according to price. At low prices production will slow, where at

high prices production will escalate. You can determine the level of supply (The

Supply Curve) in a market for particular goods and services at particular points in

time using a graph. For example Appendix #1.


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APPENDIX #1
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ECONOMICS RELATIVE SCARCITY/CIRCULAR FLOW

Economics - The social science that analyses the production, distribution and

consumption of goods and services.Economic problem The ascertain that there is scarcity (relative scarcity), or that

the limited resources available are insufficient to satisfy all human wants and

needs. The problem then becomes how to determine what is to be produced

and how the factors of production are to be allocated.

CIRCULAR FLOW The cycle of benefactors.


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NOW FOR THE WHIZZ QUIZ!!!1. So, you know how a business has four stages in its life? Well, I remember

establishment, growth and maturity, but I seem to have forgotten the last

one. Can you remember it?

a) Post Maturity b) Reduction c)Climax

2. I was thinking about opening up a business by myself. I think it would fun to

be my own boss and make all the decisions, but I also need to think about

the negatives. Whats probably the most important negative in being a sole

trader?

a) You have no help. b)You alone are liable. c) All the moneygoes to you.

3. Do you recall the type of business where a third party has the right to use

a companys name, logo, processes and practices ?

a) Franchise b) Private Company c)

Public Company

4. Is it true that entrepreneurs take great financial risk when they decide to

open a business?

a) True b) False
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5. Which is innovation: a) Taking something already existing and improving/changing

it.

b) Creating something entirely new.

c) Taking credit for something someone else created.

6. Needs and wants are very important in the business world to help determine supply

and demand.

a) True b) False

7. At low prices, what will the level of production do?

a) Production will slow. b) Production will

escalate.

8. Consumers will demand more at prices?

a) Higher prices. b) Lower prices.

9. What do you call the social science that analyses the production, distribution and

consumption of goods and services.?

a) Ethnology b) Semantics c)

Economics

10. What is one thing consumers offer producers in exchange for salary and goods

and services?

a) Taxation b) Savings c)

Resources
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YOU HAVE PASSED THE WHOLE TEST!COME BACK FOR OUR NEXT INSTALMENT OF WHIZZ KIDZ!!!
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