Year 9 Jalen Ren
Commerce Yearly Revision Notes
Commerce and Choice - PG 4 & 5
We are all consumers. A consumer is someone who purchases goods and services to satisfy needs and wants. Consumers, therefore, are constantly making choices when they buy goods and services
However, in today's marketplace, more choices become available (in part due to internet shopping), and this makes decision making more complex
Consumers should consider three basic questions when making decisions:
Do I really want this item?
Can I afford it?
Is there something better?
To make wise decisions, consumers must research the different options available, evaluate each one and make a final selection.
More Decisions to make - PG 6 & 7
How much of income to save and how much to spend.
Income is money received on a regular basis.
Consumers need financial plans (budgets) so that they will have enough money to satisfy wants.
A business is any organisation that produces and sells goods and services in order to make a profit
Audience, Cost, Location, Marketing, etc.
Abilities, Market, Qualifications
How to protect yourself.
Competition and Consumers Act 2010
Fair Trading Act 1987
Responsibility to protect the world's environment
Comparison Shopping - PG 8 & 9
Shopping around to obtain the best deal
Same product costs different amounts at different stores
E-commerce has made comparison-shopping easier.
Avoid impulse buying
Types of goods and services
Different brand and products
Choosing what to buy:
Think about what you want
Shop for best deal
Investigate product features
How you want to pay
Check refund policy
Do not sign anything
Compare after sales service
Keep all receipts
Choosing Where to buy - PG 10 & 11
Range of locations...