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Economics Flashcards

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1
Q

What is the study of scarcity in economics?

A

How people use limited resources to satisfy unlimited needs and wants

Scarcity refers to the economic problem of having unlimited needs and wants, but limited resources available.

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2
Q

What is the economic problem?

A

How to satisfy unlimited wants and needs with limited resources

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3
Q

Define scarcity.

A

The economic problem of having unlimited needs and wants, but limited resources available.

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4
Q

What is opportunity cost?

A

The cost of the next best alternative use of resources

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5
Q

What does interdependence refer to in economics?

A

The way we rely on others to satisfy our wants and needs

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6
Q

What is specialisation in economics?

A

The focus on the production of a particular good/service to develop a more efficient and competitive production process

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7
Q

What is the definition of allocation in an economic context?

A

The way we distribute our scarce resources among producers/consumers

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8
Q

What does GDP stand for?

A

Gross Domestic Product

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9
Q

How is economic performance measured?

A

Using GDP, inflation, and unemployment rate

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10
Q

Differentiate between needs and wants.

A

A need is something needed to survive; a want is something that people desire to have

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11
Q

What are the four types of resources?

A
  • Land
  • Labour
  • Capital
  • Enterprise
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12
Q

What is meant by land in economic terms?

A

Resources that come from nature, such as trees, water, and land

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13
Q

What is labour in economics?

A

The intellectual or physical skills of a worker needed to make a good or provide a service

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14
Q

What does capital refer to in economics?

A

Man-made resources such as machinery, buildings, and roads

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15
Q

What is enterprise in an economic context?

A

The skill of bringing all the resources together into a business

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16
Q

What is a traditional/subsistence economy?

A

An economy where producers are self-sufficient, producing enough to survive, rather than aiming to make a profit

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17
Q

Define a market capitalist economy.

A

An economy where producers exchange goods and services with consumers in return for money

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18
Q

What characterizes a planned socialist economy?

A

The government determines ‘what to produce’, ‘how to produce’, and ‘for whom to produce’

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19
Q

What is a market socialist economy?

A

An economy where the three basic economic questions are answered like in a market capitalist system, but resources are mostly owned by the government

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20
Q

What are the key participants in an economy?

A
  • Consumers
  • Producers
  • Government
  • Financial Institutions
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21
Q

What are leakages and injections in an economy?

A

Injections add money to the economy; leakages represent money exiting the economy

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22
Q

What is the balance of trade?

A

The difference between the value of a country’s exports and imports

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23
Q

What is a trade deficit?

A

The amount by which a country’s imports exceed the value of its exports

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24
Q

What does FTA stand for?

A

Free Trade Agreement

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25
What is the purpose of FTAs?
To reduce/eliminate barriers to trade and investment
26
What is a multinational company?
A company that has business operations in at least one other country and generates revenue outside its home country
27
What is outsourcing?
The practice of hiring a party outside a company to perform services or create goods
28
What is a subsidy?
An incentive given by the government to improve the supply of certain goods and services
29
What is comparative advantage?
The advantage over others in producing a particular good
30
Fill in the blank: A _______ is a ban on all imported goods from a particular country.
Embargo
31
True or False: Globalisation refers to the process of countries being linked together, resulting in an exchange of views, ideas, products, and culture.
True
32
What are trade barriers?
* Import quotas * Tariffs * Embargoes
33
What is the composition of trade?
What Australia imports and exports
34
What percentage of Australia's exports in 2013-14 were primary products?
Nearly 78 percent
35
What is the direction of trade?
A study of the countries to whom the exports are made and from whom the imports are made
36
What impact did COVID-19 have on global supply chains?
Slowed down business operations, leading to decreased consumer spending and economic growth
37
What is a sweatshop?
A manufacturing facility where workers endure poor working conditions and low wages
38
What is the impact of international trade on domestic industries?
It can reduce jobs in industries that can't compete globally
39
What is the effect of tariffs on imports?
They increase the cost of imported goods
40
What is the effect of COVID-19 on global manufacturing?
Delays and shortages, especially in countries like China.
41
What caused shipping costs to rise during COVID-19?
Limited cargo space and delays at ports.
42
Which types of products saw a surge in demand during the pandemic?
Medical supplies and technology for remote work.
43
What is one strategy businesses are using to avoid overreliance on one country?
Diversifying their suppliers.
44
What does competitive advantage allow a business to do?
Outperform other similar businesses in a market.
45
Define profit in a business context.
Revenue minus expenses.
46
What is cost leadership?
Positioning as the cheapest manufacturer or provider in competition.
47
What is price differentiation?
Offering different prices based on customer segments.
48
How can businesses gain a competitive advantage through pricing?
By offering lower prices.
49
What are some cost-cutting strategies businesses can use?
* Using technology (e.g., self-checkouts) * Outsourcing labor * Sourcing cheaper materials.
50
What is a method businesses can use to increase consumer awareness?
Advertising through various media.
51
What are David Garvin’s eight dimensions of quality?
* Performance * Features * Reliability * Conformance * Durability * Serviceability * Aesthetics * Perceived Quality.
52
What is corporate social responsibility (CSR)?
Contributing positively to society through various initiatives.
53
How does CSR improve brand reputation?
By demonstrating ethical and responsible practices.
54
What is the medium of exchange used to buy and sell goods?
Money.
55
What is bartering?
Exchange of goods and services without using money.
56
List the forms of money.
* Cash * Notes * Coins * Credit * Cards * Cheques/checks.
57
What are the functions of money?
* Standard of value * Medium of exchange * Store of value * Standard of deferred payments.
58
What is a characteristic of money?
Divisible, portable, durable, recognisable, scarce.
59
Define savings.
Money left over after consumer spending from disposable income.
60
What are methods of saving?
* Deposit accounts * Pension accounts * Investment funds * Cash.
61
What are types of interest-earning investments?
* Fixed term deposits * Property * Equities/stocks/shares * Superannuation.
62
What is a dividend?
A payout received from shares, part of company profits.
63
What are scams?
Traps to dishonestly take a person's money.
64
Give an example of a type of scam.
Charity scams that pose as legitimate charities.
65
What should you do to avoid being scammed?
Be suspicious, cautious, patient, alert, and wise.
66
What is a credit card?
A card with a credit limit that can be used for purchases.
67
What is the difference between credit and debit cards?
Credit cards borrow money, debit cards withdraw from your account.
68
What is discrimination in the workplace?
Treating a person based on personal characteristics.
69
What does the Fair Work Ombudsman do?
Provides education, assistance, and investigates breaches of workplace laws.
70
What is the role of the Fair Work Commission?
Sets national minimum wage and deals with workplace issues.

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