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Flashcards in Exam Revision Deck (68)
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1

Prime minister

The leader of the commonwealth government.

2

Ministers

Members of the government with responsibility for areas of government policies or departments.

3

Governor General

Represents the crown at a federal level.

4

Cabinet

A meeting of senior ministers to advise government policies.

5

Crown

Queen Elizabeth is Australia's head of state and her authority is known as crown.

6

Electorate

A geographic area consisting of approximately 80 000 voters who vote for one representative.

7

Role of Government

Provides security, order, justice, public works., social welfare, economic policy, conservation and development.

8

Responsibility for Local Government.

Health concerns, health regulation, rubbish disposal, parks and gardens.

9

Responsibility of the state government.

Education, hospitals, transport, road laws, public works, local government.

10

Responsibility of the federal government.

Defence, trade, currency, social services, telecommunication, post and immigration.

11

House of Representatives (lower house)

Determines the government debates, passes laws, watches over government administration and expenditure.

12

How many seats are in the lower house?

150

13

The senate (upper house)

This house cannot introduce laws related to finance and taxation.

14

Similarities between the two houses.

- both have a presiding officers
- introduce and debate legislation (laws)

15

How many seats are in the senate?

76, 12 from each state and 2 from each territory.

16

Preferential voting

When individuals vote in order of preference from 1 - 4. The candidate must receive and absolute majority which is 50% + 1 vote.

17

Referendums

Changes in a constitution are voted on by the Australian people.
There must be a double majority for the referendum to pass.

18

Liberal Party

Represents the interests of business and private enterprise.
Federal leader - Tony Abbott
Victoria leader - Julie Bishop

19

Constitutional Monarchy

The system where the head of state is a monarch (queen) but the real power of government rests on the parliament.

20

Economics

Allocation of scarce resources.

21

Scarcity

The imbalance between our wants which are unlimited and our resources which are limited.

22

Opportunity Cost

The loss of other alternatives when one alternative is chosen.

23

Consumer Soverignty

The consumer is king in deciding where resources are allocated in the market economy.

24

Law of Demand

As the price of an item decreases the quantity of that item demanded will increase
- the cheaper something is the more will buy.

25

Demand Factors.

Preferences (changes in taste/ fashion)
Weather conditions
Increase income
Increase price of substitutes
Decrease complementary product

26

Law of supply

As the price of an item increases, the quantity of that item that will be supplied by produces will increase.
- the more expensive something is the more produces will make.

27

Supply factors.

Available resources
Cost of raw materials
Efficiency of resources

28

Market

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

29

The 3 economic questions

What to produce?
How to produce?
Whom to produce for.

30

Land

Refers to the natural resources such as fertile pastures (crops), mineral reserves (construction) forests and oceans.