Commerce Half Yearly Flashcards
Notes to remember for half yearly (27 cards)
What is commerce?
The trade of goods and services between individuals and businesses.
What is a budget?
A list of income and likely expenditure.
What is a businesses?
Any organisation that sells goods and services for a profit.
What is income?
Money received on a regular basis from work, property, business, investment and welfare.
What is labour force?
People aged 15 and over who are either employed or unemployed.
What is profit?
What remains after business expenses are deducted from sales revenue.
What is impulse buying?
When you buy products that aren’t necessary in an impulsive manner.
What factors affect consumer decisions?
Service, price, convenience, marketing, environmental, age, finance and gender.
What is the Australian consumer act?
Law that provides options for consumers who buy products or services that don’t live up to expectations. It also sets rules about business warranty, refund and exchange options.
What laws exist for refunds/exchanges in Australia?
When a product doesn’t meet merchantable quality, businesses must refund/exchange/repair it.
What is a warranty?
Legal obligation to fix/replace products for a certain period of time and for certain faults.
What is a scam?
An illegal business practice. Scams includes phishing, fake charities, dating and romance e.t.c.
What are the different payment methods
Credit card, debit card, direct debit, online payments cash, cheque, bitcoin and online currencies, gift cards and vouchers, EFTPOS and money order payments
What is a democracy?
System where people over a certain age can/must vote for a political party and/or elected area representative
What is a dictatorship?
System where one person is in charge of parliament. Use of the military allows the dictator to control the people through fear.
What is a monarchy?
System where a royal family is in charge of citizens. The royal family often has a symbolic role.
What is a theocracy?
System of rule based on religious beliefs.
What is communism?
System that oppresses individual ambition, limits wealth creation and removes democratic freedom.
What is the federal government?
Raises tax money to run the country. Money is spent on national matters such as trade, defence, immigration and environment.
What are state/territory governments
There are 6 state governments and 2 territory governments. They raise tax money and receive money from the federal government for state/territory matters. This includes schools, housing, hospitals, roads, railways, police and ambulance
What are local governments?
There are 560 local councils. They receive taxes from local property owners, and grants from federal and state/territory governments. Money is spent on local matters like town planning, rubbish collection, water and sewage, local roads and pet control.
What is the house of representatives?
There are 150 members in the house of representatives. It forms government, decides matters of national interest, represents interest of people in their electorates, propose, debate and vote on bills, examine issues in comities and scrutinise executive government. After an election the political party with the most members becomes the governing party. This parties leader becomes the prime minister.
What is the senate?
There are 76 senators in the senate. It decides matters of national interest, represents the interest of people in their states and territories, propose, debate and vote on bills and amendments, examine issues in comities and scrutinise executive government.
What is preferential voting?
Voters number candidates in order of preference. The winner is the candidate with the majority of votes.
