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Flashcards in Exam Deck (63):
1

What is economics?

The study of how wealth is created and distributed. As well as how and why decisions are made regarding the use and distribution of economic resources

2

What is a market?

A situation where potential buyers are in contact with potential sellers. There is a means of exchange

3

What is consumer sovereignty

A situation where the consumer is king (sovereign) and decides where resources are allocated in a market economy

4

What is opportunity cost?

When you make a decision between two options and you choose based on the benefits and costs. The option that you don't choose is the opportunity cost, the value of something is lost because you chose an alternative course of action

5

What are the three economic questions?

What to produce
How to produce
For whom to produce

6

What is land?

Any natural resource, trees, plants, air, water, oil. Anything we take from the environment

7

What is labour?

Any human service (physical or intellectual)

8

What is capital?

-not money-
Anything manufactured in order to be used to produce goods or services. Machinery, structures, equipment

9

What is entrepreneurship?

Someone who is able to organise resources and is willing to accept risk, someone who recognises a profit opportunity.

10

What's the difference between needs and wants?

A need is something that is required to be met so that a person can survive whereas a want is something that isn't necessary but people desire to have.

11

What is scarcity?

The seemingly fundamental problem of having unlimited human wants in a world of limited resources.

12

What are complementary products?

complementary good is a good with a negative cross elasticity of demand

13

What is the difference between needs and wants?

A need is something required to live and a want is something that would make life easier but is not a necessity

14

What is scarcity?

The seemingly fundamental problem of having unlimited human wants in a work of limited resources

15

What is a complementary product?

Goes with another product, sold separately but used together, each creating demand for eachother

16

What is a substitute product?

Goods that can be used as an alternative. Usually a cheaper option

17

What is the law of demand?

Price and quantity demanded are inversely proportionate. As price rises the amount demanded will fall because less consumers will be able and willing to pay that price and vice versa

18

What are factors that could increase demand of a product?

Price of substitutes
Price of complementary products
Advertising
Positive/negative publicity
Consumer trends
Preferences
Income levels
Expectations

19

What is the law of supply?

When price increases producers will be willing to supply more as they will make more profit. As price falls suppliers will be willing to supply less as profits are less

20

Factors that could increase the supply of a product

ACE
Availability of resources
Cost of raw materials
Efficiency of production

21

What is equilibrium?

The point where producer supply equals consumer demand

22

Who do we import from?

China, USA, Japan, Thailand, Germany

23

Who do we mainly export to?

China, Japan, Republic of Korea, USA, India

24

What goods and services do we import?

Passenger motor vehicles
Refined petroleum
Telecom equipment and Parts
Computers
Medicaments

25

What goods and services do we export?

Iron ores and concentrates
Coal
Gold
Natural gas
Beef

26

Define trade

The term trade generally includes any activity where income is made from selling selling goods or providing services. Trade generally refers to the importing or exporting of goods

27

Tariff definition

A tariff is a tax imposed on imported goods and services. Often used to restrict trade as they increase the price of imported goods and services.

28

Outline the voting process

Preferential voting. Under this system, voters number the candidates on the ballot paper in the order of their preference, then the votes are counted. to win the the candied must reach absolute majority. if no candidate reaches this then the candidate with the least amount of votes is eliminated and their votes are then given to the other candidates in preference (e.g.who ever they put 2) this is repeated until some one reaches absolute majority.

29

Define import

Good and services purchased from an overseas and sold on the Australian market. We import goods because consumers may desire an item that is different from the ones offered in Australia

30

Define export

Goods and services produced in Australia and purchased by overseas countries. Exporting goods generates vital income for our economy.

31

What is the court hierarchy?

High court of Aus
Supreme Court
County court
Magistrates

32

What is the concept of simple majority voting?

that less than half of the total votes cast but more than the minimum required to win, as when there are more than two candidates or choices. less than half the number of voters registered.

33

What is criminal law?

Concerned with cases in which a person has committed an offence against the well being of the community

34

Examples of criminal law

Offences against
State -> treason or sabotage
A person -> assault or murder
Property -> theft or damage
Public order -> traffic offences or abusive language

35

What is civil law?

Concerned with cases in which there is a dispute between two private individuals. The court hears civil cases in order to determine the rights of individuals and settle disputes

36

Examples of civil law

Ownership of property
Contacts or other legally binding agreements
Divorce

37

Why do laws change?

Because of changing community awareness and because of technology

38

What are the three levels of government?

federal, state and local

39

What are the responsibilities of the federal government?

Conduct of national affairs, stated in the Australian constitution and includes defence and foreign affairs;trade, commerce and currency, immigration, postal services, telecommunications and broadcasting

40

What is the state government responsible for?

Responsible for schools, hospitals, conservations and environment, roads, railways and public transport, public works and fishing. Each state has its own constitution with the rules it follows.

41

What is the local governments responsibilities?

Concerned with matters close to our homes, such as building regulations and development, public health, local roads and footpaths, parks and playing fields

42

What are the concepts of representatives democracy?

is a system of government in which all eligible citizens vote on representatives to pass laws for them. We vote for the members of the Congress. We also elect local and state officials

43

Who are the main political parties in Australia?

Labour, liberal, the nationals, greens, Australian Democrats, Pauline Hanson one nation

44

What is the coalition

when 2 or more political parties work together for a common purpose

45

what is the opposition

To question the government of the day and to hold them accountable for their actions. They also scrutinise new legislation as part of the process.

46

what is the senate

The upper house of the commonwealth parliament. The senate controls our constitution and has about 76 members.

47

What is the job of the senate?

The Senate is a house of review and a powerful check on the government of the day. It's main functions are, safe guard interests of all states and represent the interests of voters.

48

What is the job of the House of Representatives?

Controls government expenditure, Represents the people, Publicises and scrutinises government administration and makes laws

49

What is the House of Representatives?

The lower house of the commonwealth parliament. The house of reps is larger than the senate with about 150 members

50

compare the house of reps and the senate

The Senate is one of the two houses of the Australian Parliament; the other is the House of Representatives. The Senate is also known as the upper house or the house of review. The Senate is made up of 76 senators: each elected to represent one of Australia's six states or two territories.

51

outline the voting process

Preferential voting. Under this system, voters number the candidates on the ballot paper in the order of their preference, then the votes are counted. to win the the candied must reach absolute majority. if no candidate reaches this then the candidate with the least amount of votes is eliminated and their votes are then given to the other candidates in preference (e.g.who ever they put 2) this is repeated until some one reaches absolute majority.

52

What is the electorate

a body of people allowed to vote in an election

53

Who can vote

Anyone is hey fall under on of these categories
- ordinary vote (anyone)
- absentee voter (not in their electorate, so they go to a different polling station)
- pre-poll and postal voter ( too old or lies more than 8km from the nearest polling station)
- section vote (someones whose name is not on theist but they can still vote by declaring it )

54

How often are elections are held

every three years

55

what is the concept of simple majority voting

less than half of the total votes cast but more than the minimum required to win, as when there are more than two candidates or choices. less than half the number of voters registered.

56

Who is the leader of the federal government?

the prime minister - Malcom Turnbull

57

who is the leader of the set government?

the Premier of Victoria - Daniel Andrews

58

what is federation?

federation is the joining of individual states for a common purpose

59

should voting be compulsory?

Grace Maria Ronchi

60

what are the different forms of business ownership?

Sole Proprietorship
General Partnership
Limited Partnership
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP)
Limited Liability Limited Partnership (LLLP)
Corporation
Nonprofit Corporation
Limited Liability Company (LLC)
Massachusetts Trust
Trust
Joint Venture
Tenants in Common
Municipality
Association

61

What is corporate social responsibility?

corporate social responsibility managing a business in such a way that the broader social welfare of the community, including its employees, customers, suppliers and the environment, is taken into consideration when making business decisions

62

AHWG

Affordable housing working group

63

NRAS

National rent affordability scheme