Year 11 Week 3

What does SCAMPER stand for?

• Someone can always make paper easily recyclable

• Substitute, Combine, Adapt, Modify, Put to another use, Eliminate and Reverse

• Sales Pitch, Cost, Accounting, Profit, Efficiency, Revenue

• Socio-cultural, Continuous, Accredited, Measurable, Performance, Effectiveness, Reptile

Define copyright?

• The automatic protection of the original expression of ideas, but not the ideas themselves

• Someone copying of someone else

• Information that is not generally known

• Misleading or deceptive conduct

Define intellectual property

• A financial report that summarises a businesses assets

• When satisfied customers communicate to potential customers the merits of a product or service

• The property of the mind, intangible items or proprietary knowledge that a person or business creates and owns

• The income that a business receives for goods sold or services provided

What is a patent?

• A group of potential customers whose needs and wants a business wants to satisfy

• The process by which an individual selects, organises and interprets information

• Wildly exaggerated or vague claims about a product

• A right granted for an invention or innovation that is new and has not been disclosed in the market before

What is a registered trademark?

• Protects brand names, logos, original sound and scents, and even aspects of packaging

• Negative factors that hinder a business

• A tax imposed on imported goods

• When a potential candidate is invited to work in a business

Explain perfect competition

• Only a few businesses dominate the industry

• A single business has no competitors in the industry

• Many competing businesses, selling differentiated products with limited pricing power

• Happens when numerous small businesses compete against each other with no control over prices

What is an Oligopoly?

• Small businesses compete against each other with no control over prices

• Few businesses that dominate the industry - differentiated products

• One business with complete control over the market

• Many businesses with limited pricing power

What is a monopoly?

• A few businesses that are competing

• Many businesses that are conpetiting

• Single business that has no competitors in its industry

• The business is in the seed stage and has no customers

What is Netflix?

• Perfect Competition

• Monopoly

• Oligopoly

What is cost advantage?

• Describes a business who is unable to pay back their debt

• The ability of a business idea to deliver benefits that exceed those of competitors

• The ability of a business idea to deliver the cheapest product on the market

• Pay per use or subscription services