What Is the Contribution of a Small Business in the Economy?
Essay by ryanbourke • July 10, 2016 • Business Plan • 480 Words (2 Pages) • 1,218 Views
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What is the contribution of a small business in the economy? [pic 1]
Read pages 16 and 17 of the Business Management Book to help you answer the following questions. Some of the questions require internet research.
1 | Describe what an economy is. | |
A system set up to determine what to produce, how to produce and whom production will be distributed. | ||
2 | What are the 3 basic questions that we must ask about an economy system? | |
What goods and services are produces? How do we produce those goods and services? Who will receive the goods and services produced? | ||
3 | Provide 3 examples of exported products that Australia produce. | |
Iron ore, Fish and Bananas | ||
4 | Provide 3 examples of imported products that Australia produce. | |
Clothes, Fruit and Computers | ||
5 | Explain what it means “Market Capitalist Economy”. Why Australia’s economy is considered a Market Capitalist Economy? | |
6 | What are the 3 main contributions of small business to the economy? | |
Will create further opportunities for job creation. Small businesses employed approximately 50 per cent of 4.9 of all private sector employees. Drive employment growth in Australia. | ||
7 | How does employment and taxation revenue contribute to the economy? | |
Is used to provide goods and services that may benefit the whole community, such as a better education system. | ||
8 | Research how much the GDP of Australia was in 2013, 2014, 2015? (if possible) | |
2013: 1563.9 2014: 1454.68 2015: | ||
9 | What can cause the rise of GDP? | |
The low export and imports of Australia | ||
10 | What is the current unemployment rate in Australia? | |
5.8% is the unemployment rate People tend to quit their jobs after 2 years and don’t have the right qualifications for other types of jobs. | ||
11 | What is the current tax rate on income? | |
0 – $18,200 Nil
$18,201 – $37,000 19c for each $1 over $18,200 $37,001 – $80,000 $3,572 plus 32.5c for each $1 over $37,000
$80,001 – $180,000 $17,547 plus 37c for each $1 over $80,000 $180,001 and over $54,547 plus 45c for each $1 over $180,000 | ||
12 | Complete the following sentence: Economic Growth occurs when the R….. value of G…… and S……… increases over a period of T……………… | |
Raw, Goods, Services and Taxation | ||
13 | What does GDP stand for? | |
Gross Domestic Product | ||
14 | In 2013 how much percent of small businesses contributed to the GDP? Research which industry contributed the most. (If you can) | |
50% | ||
15 | Differentiate between an export and import of goods. | |
Import refers to an item coming inside a country from any other country while export refers to an item going out of the country to any other country of the world. | ||
16 | What are some implications of importing all of the countries’ goods? | |
18 | What can be done to reduce the high rates of importing goods? | |
19 | Go on the ABS website: How much percent did business entry rate increase by? What were some of the possible reasons for this increase? | |
20 | How much percent did business entry rate decrease by? What do you think cause the decrease? | |
21 | Which industry had the biggest entry and exit? | |
Explore the other stats to increase your awareness. |
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