Exam revision semester 2

Question 1

four factors of production?

Answer 1

land
capital
labour
enterprise

Question 2

what is scarcity?

Answer 2

unlimited needs and wants but limited resources

Question 3

making choice:

Answer 3

evaluating the cost and benefits of what we purchase

Question 4

specialisation and trade:

Answer 4

importing and exporting goods and services

Question 5

interdependence:

Answer 5

refers to the way we rely on others to satisfy or wants and needs

Question 6

allocation and markets:

Answer 6

refers to the way we distribute our scarce resources amongst producers and consumers (market)

Question 7

economic performance and living standards:

Answer 7

key indicators include GDP, inflation and unemployment rate

material and non-material living standards

Question 8

what are the 6 key concepts?

Answer 8

scarcity
making choices
specialisation and trade
interdependence 
allocation and markets 
economic performance and living standards

Question 9

what is an economic recession?

Answer 9

a drop in economic growth for two or more quarters (a quarter is 3 months)

Question 10

what is inflation?

Answer 10

an increase in prices of goods and services over a certain period of time, measured on a yearly basis

Question 11

reasons for inflation?

Answer 11

strong demand in economy for goods and services
businesses and consumers feeling to confident
low interest rates
low taxes
increasing costs

Question 12

unemployment labour force status:

Answer 12

1. people who were unemployed (1 hour a week paid)
2. people who actively sought work but were unsuccessful
3. people not in labour force (retired, leave or no effort to find a job)

Question 13

reasons for unemployment:

Answer 13

frictional unemployment
cyclical unemployment 
seasonal unemployment 
structural unemployment 
youth unemployment

Question 14

frictional unemployment:

Answer 14

people in the midst of transitioning between jobs

Question 15

cyclical unemployment:

Answer 15

follows trends of the business cycle

in recession— rises, in periods of high spending—falls

Question 16

seasonal unemployment:

Answer 16

caused by predictable declines in an industry over a year (e.g ski instructors)

Question 17

structural unemployment:

Answer 17

caused by newer technologies taking jobs eg. ATMS

Question 18

youth unemployment:

Answer 18

is over 13%

Question 19

what is productivity?

Answer 19

measures what can be produced (output) from a given amount of resources (input)

Question 20

types of labour productivity:

Answer 20

management practice
training 
workplace culture and flexibility
performance appraisal and feedback
employee incentive schemes

Question 21

types of capital productivity:

Answer 21

technology

improving processes

Question 22

inflation winners

Answer 22

high income earners
borrowers
importers

Question 23

inflation rate losers

Answer 23

low-to middle income earners
bank savers
exporters

Question 24

economies of scale:

Answer 24

a proportionate saving in costs gained by an increased level of production.

Question 25

Human development index

Answer 25

Ranks countries into four tiers of human development (life expectancy, education and per capita)

Question 26

The 5 factors of wellbeing

Answer 26

``` Health Education Politics Economics Demographics ```

Question 27

Consequences of a rapidly growing population

Answer 27

More government spending Global warming Higher unemployment Rates

Question 28

Consequences of a declining population

Answer 28

Creates a labour shortage | More deaths and emigration

Question 29

How can improving educational opportunities for women help the wellbeing of a nation?

Answer 29

Allows individuals to break the cycle of poverty and live healthier, longer lives.

Question 30

Four benefits of family planning in developing countries?

Answer 30

- smaller families mean better health and education for each child - women with less children have greater education and employment chances - more condom use reduces chance of getting HIV - fewer pregnancies mean less infant and maternal mortalities

Question 31

Implications in Australia for an ageing society?

Answer 31

- More unemployment (people 55+ have lower labour force participation rates - government spending on pension, health and age care will grow

Question 32

Soil erosion:

Answer 32

The displacement of the upper layer of soil

Question 33

Desertification:

Answer 33

Break down in soil structure and loss of plants leads to areas being decertified

Question 34

Gully erosion:

Answer 34

The removal of soil along drainage lines by surface water run-off.

Question 35

Dam:

Answer 35

A barrier that stops or restricts the flow of water

Question 36

Physical pollutants and examples:

Answer 36

Particles of soil eroded from the landscape and into waterways, as well as litter

Question 37

Chemical pollutants:

Answer 37

Heavy metals, oils, pesticides and industrial chemicals in our waters

Question 38

Climate change:

Answer 38

The changing of climate due to human input and an increase in the concentration of gases

Question 39

Salinity:

Answer 39

The accumulation of salt in the upper layer of soil brought to the surface by a rising water table

Question 40

Egocentric world view:

Answer 40

I am the most important creature on earth. Everything else is important to the extent that they support me and my lifestyle.

Question 41

Anthropocentric world view:

Answer 41

Humans are the most important species- we are in charge of the earth.

Question 42

Ecocentric world view:

Answer 42

We should do whatever we can to preserve the earths biodiversity. We are no greater than any other organism.

Question 43

Biocentric world view:

Answer 43

We have a responsibility to use the earths resources in a sustainable way.

Question 44

Ecological footprint:

Answer 44

Our impact on the environment, represents the amount of land and natural resources we use to support our lifestyles

Question 45

Dry land salinity:

Answer 45

Salinity at or near the soil surface causing reduced plant growth, reduced water quality and damage to infrastructure.

Question 46

Primary salinity:

Answer 46

The natural distribution of salt in the landscape which is produced by natural processes such as weathering rocks and rain and wind deposits.