Economics & Civics Flashcards
(22 cards)
Scarcity
having unlimited wants and needs but limited resources
Resources
Natural or land made materials
4 categories or resources
Land, Labor, Capital, Enterprise
specialisation
How an individual/business/country focuses on producing a particular good or service results in more efficiency
interdependence
the way we rely on others to satisfy our needs and wants
allocation
the way we distribute scarce resources among producers
Market
the exchange of goods and services among buyers and sellers
economic performance
how well economy is doing
GDP
a way of measuring how much goods and services produce the economy produces in a period of time, measured by abs.
Inflation
occurs when there is an increase of price level over a period of time
The consumer price index (CPI)
measures the price change of typical household goods & services every quarter
Material living standards
Physical goods and services
Non-material living standards
Intangible things, effect our enjoyment of life.
constitution
the document that creates basic structures and powers of an organisation/state/nation.
Residual powers
any law-making power not stated in the constitution as specifically belonging to the commonwealth, belong solely to the state parliaments
exclusive powers
areas in which commonwealth powers can make laws
concurrent powers
areas in which both state and commonwealth can make laws in
United Nations
international organisation created in 1945
foreign aid
assistance to other countriesBi in form of money, skills and other resources.
Bilateral treaty
treaty between Australia and one other country
Multilateral treaty
treaty between Australia and two or more countries
Ratification
process that legally binds Australia to implement a treaty
