Commerce Year 10 Final Exams Revision PDF

**[Guidelines for making notes]** - - - - - - - Resources: ========== The Economic and Business Environment textbook: [[https://drive.google.com/file/d/1NQQv6-xutBpUMYeofkUHugHO\_gMrmyRU/view?usp=classroom\_web&authuser=1]](https://drive.google.com/file/d/1NQQv6-xutBpUMYeofkUHugHO...

**[Guidelines for making notes]** - - - - - - - Resources: ========== The Economic and Business Environment textbook: [[https://drive.google.com/file/d/1NQQv6-xutBpUMYeofkUHugHO\_gMrmyRU/view?usp=classroom\_web&authuser=1]](https://drive.google.com/file/d/1NQQv6-xutBpUMYeofkUHugHO_gMrmyRU/view?usp=classroom_web&authuser=1) Law, Society and Political Involvement textbook: [[https://drive.google.com/file/d/1XNsB4fuWm\_E7gwR3e9T4qE2kYiFqB-du/view]](https://drive.google.com/file/d/1XNsB4fuWm_E7gwR3e9T4qE2kYiFqB-du/view) Running a Business textbook: [[https://drive.google.com/file/d/1FVn3IkRHWUapz2HUES9CMa-5jXOqunwp/view]](https://drive.google.com/file/d/1FVn3IkRHWUapz2HUES9CMa-5jXOqunwp/view) The Economic and Business Environment (Winston) =============================================== The Five-Sector Circular Model ------------------------------ - - - - - - - - - - - - - - - - - - - - - - - - - - - The Interdependency between Different Sectors of the Economy ------------------------------------------------------------ - - - - The Business Cycle ------------------ - - - - - - - - - - - - - - - - - - - - - - - - - - - The Price Mechanism and the Interaction of Demand and Supply within a Market ---------------------------------------------------------------------------- - - - - - - - - - - - - - - - - - - - - - What is a Market? ----------------- - - - - - - - - - - - - - - - - - Customary Trading Practices of Aboriginal and Torres Strait Islander People (I honestly don't think this is that important, but Aarush said to do anyways, so no highlighting for this, not cause I'm lazy 😁) ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- - - - - - - - - - - - - - Reasons for Government Intervention in the Market ------------------------------------------------- - - - - - - - Different Types of Businesses ----------------------------- - - - - - - - - - - - - - - - - - - - - - Factors Influencing Business Decisions -------------------------------------- - - - - - - - - - - - - - - - - - - - - - - The Contribution of Entrepreneurship and Innovation --------------------------------------------------- - - - - - - - - - - Ethical Decision-Making and Corporate Responsibility ---------------------------------------------------- - - - - Law, Society and Political Involvement (Abdullah & Joseph) ========================================================== Reasons for Laws ---------------- - - - - - - - - Values, Moral and Ethics ------------------------ - - - - - Australia's Court System ------------------------ - - - - - The Role of Court Personnel --------------------------- - - - - The Role and Selection of Juries -------------------------------- - - - How Laws are Made: Common Law ----------------------------- - - - How Laws are made: Statute Law ------------------------------ - - - How a Bill becomes a Law ------------------------ - - Types of Law ------------ - - Civil Law --------- - - Criminal Law ------------ - Customary Law ------------- - - Domestic vs International Law ----------------------------- - - - - Accessing the Law ----------------- - - - - - - - The 3 Levels of Government -------------------------- - - - - Why do Laws Change? ------------------- - Political Action ---------------- - - Referendums ----------- - - Participating in the Democratic Process --------------------------------------- - - Voting in the Democratic Process -------------------------------- - - - Rights and Responsibilities in the Democratic Process ----------------------------------------------------- - - - - Role and Function of Political Parties -------------------------------------- - - The Inner Workings of Australia's Government -------------------------------------------- - - Separation of Powers -------------------- - - Running a Business (Aarush) =========================== Being an Entrepreneur --------------------- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Planning for Success -------------------- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Key Features of Organisational Structures ----------------------------------------- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Establishing a New Business, or Purchasing an Existing Business --------------------------------------------------------------- - - - - - - - - -  - - - - - - -  - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Business Operations ------------------- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Maintaining Financial Records ----------------------------- - - - - - - - - - - - - - - - - **Step 1: Record the revenue** **Step 2: Record the COGS (Cost of Goods Sold)** **Step 3: Calculate the gross profit. \[Gross Profit = Revenue - COGS\]** **Step 4: Record/total the expenses.** **Step 5: Calculate the net profit/loss \[Net profit = Gross profit - Expenses\]**  (Example of income statement) - - - - - - - - - - - - - - - - - - - - - -  - - - - - - - - - - - - - - - - -