Economics

Question 1

Define Interdependence

Answer 1

When countries/businesses rely on each other for the trade of services and goods. E.g.china and Australia trade and depend on each other for resources such as gold or nickel.

Question 2

Trade

Answer 2

Companies/countries giving each other resources or services for other resources and services in return.

Question 3

Globalisation

Answer 3

The increasing interdependence of world economies as a result of cultures and populations.

Question 4

International Competitiveness

Answer 4

Is the ability of a nation to compete successfully overseas.

Question 5

Exports

Answer 5

Sending goods/ services out overseas to other countries

Question 6

Imports

Answer 6

Bring goods/services in from another country

Question 7

Migration

Answer 7

Movement of a person or people from one country to another

Question 8

Tourism

Answer 8

Is a social,cultural and economic movement of which people travel

Question 9

Supply chain

Answer 9

Is a network of companies and people that are involved in production and delivery of a product or service

Question 10

Outsourcing

Answer 10

Is the practice of hiring a party outside a company to perform services or create goods

Question 11

TNC’s

Answer 11

Is a company that has operations in multiple countries (transitional corporation)

Question 12

Savings

Answer 12

A portion of income not spent on current expenditures

Question 13

Investment

Answer 13

Is an assets acquired or invested in to build wealth and save money form hard earned income

Question 14

Risk tolerance

Answer 14

Is the amount of loss an investor is prepared to handle wile making an investment decision

Question 15

Shares

Answer 15

Are a way of participating in the ownership of a company

Question 16

Superannuation

Answer 16

Is a savings system for workplace pensions in retirement.

Question 17

Consumer scam

Answer 17

Consumer scam or consumer fraud, is a personal/financial loss that occurs because of dishonest methods used by a business.

Question 18

ACCC

Answer 18

Australian Competition and Consumer Commission is an independent Commonwealth statutory authority

Question 19

Competitive Advantage

Answer 19

Refers to factor that allow a company to produce goods/services better or cheaper than its rivals.

Question 20

Economies of Scale

Answer 20

Cost advantages realized by companies when production becomes more efficient

Question 21

Innovation

Answer 21

The development of ideas and technologies that improve goods and services or make production better.

Question 22

Innovation

Answer 22

The development of ideas and technologies that improve goods and services or make production better.

Question 23

Corporate Social Responsibility

Answer 23

Companies promising to do business in a way that’s good for the economy