RESOURCE KEY

When accessing content use the numbers below to guide you:

LEVEL 1

brief, basic information laid out in an easy-to-read format. May use informal language. (Includes most news articles)

 

LEVEL 2

provides additional background information and further reading. Introduces some subject-specific language.

 

LEVEL 3

lengthy, detailed information. Frequently uses technical/subject-specific language. (Includes most analytical articles

 

EXAMPLES OF BUSINESSES THAT MAKE A PROFIT

1 LEVEL 1

Making chocolate - the Bruny Island Providore - believe in yourself first and deliver a good product.

LEVEL 2

THE BAKER'S DELIGHT FRANCHISE

Click here for information on the highly successful bakery franchise, Baker's Delight. 

LEVEL 2

AN INDEPENDENT CHILDCARE CENTRE

There are many examples of childcare centres that are franchises. Buttercup Childcare and Kindergarten is an independent business

GOODS AND SERVICES

LEVEL 1

Watch the video below to make sure you understand exactly what goods and services are.

NEEDS & WANTS

 LEVEL 1

Click here for a PowerPoint that shows you the basics of what is a NEED and what is a WANT.

1&2 LEVELS 1 & 2

Interact - watch a video, do a quiz - and think about needs and wants on this website. 

SUPPLY AND DEMAND

1&2 LEVELS 1 & 2

Watch the video below for a really clear explanation of supply and demand.

PROFIT AND LOSS

LEVEL 1

Watch the video below for a short and simple explanation of profit and loss in the business context. It is essential to understand the concepts of profit and loss in order to write your business proposal.

NOT-FOR-PROFIT ORGANISATIONS

LEVEL 1

Click here to watch the video 'Fred's Van', a program that ensures homeless people are provided with meals.

LEVEL 2

When you have watched the video, do some critical thinking:

• What are the needs and wants of the people involved?
• Where do the funds come from to provide the meals?
• How does the business deal with scarcity?

LEVEL 1

KEYWORDS

Following are the keywords and phrases that relate to this topic. Make sure you know and understand what they mean in the context of the topic.

need	want
goods	services
supply	demand
profit	not-for-profit
choice	purchase
trade-off	opportunity cost
product	point of difference
shortage	scarcity
consumer	producer
target market	marketing strategy
business	business premises
retail space	location
business proposal	business plan
competitor	entrepreneur
opportunities	jobs
franchise	bartering
business methods	lifestyle
demographic	local community
surplus	customer
advertise	travel agent
childcare centre	magazine publisher
bank	veterinary clinic
live music venue	bakery
real estate agency

LEVEL 3

Many of these main keywords and concepts are explained in the video below. Watch it if you want to understand what Economics is all about.

WRITING YOUR BUSINESS PLAN

 

LEVELS 1 & 2

Click here for another business plan template that will help you think about your idea for a new business.

LEVEL 2 & 3

Watch the video below, 'How to Write a Business Plan to Start Your Own Business', to see what you need to consider when you are writing your business plan.