Exam

Question 1

Economics

Answer 1

A science concerned with the process or system by which goods and services are produced, sold and bought

Question 2

Minister

Answer 2

A member of parliament who work on a portfolio, a portfolio based on the government

Question 3

Legislative assembly

Answer 3

In the lower house
88 seats
Green

Question 4

Legislative council

Answer 4

40 seats
Upper house
Red

Question 5

Constitutional monarchy

Answer 5

The crown is head of state and they have a set of laws they run by.

Question 6

Constitution

Answer 6

Provides rules for the government on how they pass rules and lead the country

Question 7

Shadow minister

Answer 7

Members of the opposition party, chosen by their leader

They have the role of scrutinising government and individuals

Question 8

What is a crown?

Answer 8

Represented in Australia by governer general

Question 9

Market

Answer 9

Wen a potential seller comes in contact with a potential buyer

Question 10

Equity

Answer 10

The owners investment in the business also fairness or evenness

Question 11

Creditors

Answer 11

Owning money to another business, this is the result of acquiring goods and services on credit.

Question 12

Debtors

Answer 12

When customers of a business owe the business money, this is the result of buying goods or services on credit

Question 13

Prime minister

Answer 13

The leader of the commonwealth government

Question 14

Democracy

Answer 14

It’s a system of the government; ‘by the people for the people’ or a member of state who have a say in the laws passed.

Question 15

Independent

Answer 15

A person in parliament who does not rely on others to put their view forward, for example Pauline Hanson

Question 16

Target market

Answer 16

A specific group of consumers who are being targeted through a campaign

Question 17

Frontbenchers

Answer 17

They are members who are allocated a portfolio

Question 18

Back benchers

Answer 18

Member of parliament with no special responsibility

Question 19

Opposition leader

Answer 19

Is the second largest grouping of members for example bill shorten is the leader of the Labour Party which is the opposition party

Question 20

Define simple majority voting

Answer 20

Majority rules, whoever gets the most votes wins,

Question 21

Concept of opportunity cost

Answer 21

The basic relationship between scarcity and choice

Question 22

Difference between HOR and the senate

Answer 22

Everything is passed through the hor first then passed onto the senate to finalise it. Senate is upper house and hor is lower house

Question 23

Consumer sovereignty

Answer 23

Is when the consumer is being served and buying the product, they can determine how the product is produced

Question 24

Factors that could increase the demand of a product

Answer 24

Prices of the product
Income levels
Fashion trends
Competition

Question 25

Economic resources | -land

Answer 25

Something that is naturally derived from the earth, that hasn't been processed through machinery

Question 26

Economic resources | -labour

Answer 26

Something that is mad made to produce goods And services

Question 27

Economic resources | -capital

Answer 27

Something that is created by machinery and or tools to produce goods and services

Question 28

Economic resources | -entrepreneurship

Answer 28

Someone who combines all economic resources together and makes a profit out of it

Question 29

INFO on HOR

Answer 29

150 seats Green U shape

Question 30

INFO on SENATE

Answer 30

76 seats Red U shape

Question 31

Main political parties in AUS

Answer 31

``` Labour Liberal Greens Democrats Nationals ```

Question 32

Three levels of government

Answer 32

Local State Federal

Question 33

Multinational companies

Answer 33

Companies that have one or more facilities in other countries other than its own home country

Question 34

Tariff

Answer 34

A tax imposed on goods and services

Question 35

Trade

Answer 35

The actions of buying and or selling goods and services, or exchanging something for something else

Question 36

Law of supply

Answer 36

When the price increases the supply of the product increases to.

Question 37

Law of demand

Answer 37

All else being equal, as the price rises the demand for the product falls