UNIT 1 AOS 1

• Economic contributions refer to the ways in which businesses provide and contribute finances back to the Australian government and its economy, such as through taxes
• Employment involves businesses employing workers and providing them with income to purchase goods and services
• Economic growth is the increase in value of production of goods and services in an economy, usually monitored over a period of one year
• International trade is the exchange of goods and services between countries and can be measured through the balance of payments
• Taxation revenue is money received from the state or nation's taxpayers, including businesses
• Infrastructure includes roads, transport, electricity, gas, internet, and other essential services provided by various levels of government
• R&D (Research and Development) refers to identifying new products and technologies for potential development, through observing product trends.
• Government investment in R&D refers to government procedures and programs that support entrepreneurial systems
• Council grants are money and incentives provided to businesses and individuals to pursue business ideas and development
• School-based educational programs involve different levels of government and associations in educational programs for students at secondary and primary levels
• Market research is a systematic approach that assists businesses in making decisions about consumers and the marketplace
• Refining the business concept involves making changes to the product after analyzing market research to make it more attractive to customers
• Feasibility study is initial research required to determine whether a business concept is viable and likely to succeed
• Social contributions refer to the ways in which businesses give back to the overall wellbeing of Australians, such as through providing mental health services
• Wellbeing refers to the overall happiness and wellness of a nation
• Environment includes the surrounding places such as bodies of water and land
• Decision-making refers to the process of making a choice by identifying options, gathering information and assessing alternative solutions
• Business goals represent the aspirations of the business and describe what a business aims to accomplish in the future
• Entrepreneurship is the process of designing, launching, and running a new business, involving the willingness to develop and manage a business along with any risks
• Fulfilling a market need refers to recognizing that there is a service or product not available in the market
• Independence refers to being in control and assuming responsibility for decision-making
• Freedom and flexibility refer to having the freedom to innovate and problem-solve without needing to ask permission, including more potential for flexible working hours and conditions
• Success and wealth refer to potential wealth and financial independence if the business is successful
• Fulfilling a social need refers to starting a business to give back or provide a service to benefit society
• To make a profit refers to being able to keep some of the revenue generated by the new business
• Being your own boss refers to working for oneself, providing the ability to keep profits earned, have flexibility regarding hours and location, and control all decisions
• Employment refers to starting one's own business to gain employment (a job) and a stable income
• Economic growth 


  The increase in value of production of goods and services in an economy, in a given period (usually one year)
• International trade


  The exchange of goods and services between countries and can be measured through the balance of payments
• Taxation revenue 


  Money that is received from the state's or nation's taxpayers, including businesses
• Infrastructure 


  Roads, transport, electricity, gas, internet and other essential services provided by various levels of government
• Qualities refer to the personal characteristics of an individual that make up their personality and determine how they act in a situation
• Resilience refers to being prepared to persist and persevere over the long term
• Flexible refers to being able to change directions when required by making decisions quickly and adeptly
• Skills refer to the ability to do something well, gained through training and experiences
• Communication skills are the ability to convey or share ideas and feelings effectively
• Planning skills are the ability to coordinate and organize all aspects of a business, including time management
• Market opportunities involve recognizing changes in the market such as society's needs and wants, and producing products that people want to purchase
• Customer needs refer to recognizing changes in consumer demands and taking advantage of these
• Global Markets refer to looking overseas for innovation and importing ideas that have not yet reached Australia