Humanities Revision Flashcards
(186 cards)
1
Q
What is Money Management?
A
The process of managing personal or family finances effectively to achieve financial goals.
Key objectives include managing expenses, increasing savings, and reducing debt.
2
Q
What are the main objectives of money management?
A
- Manage expenses so that they do not exceed income
- Increase savings for the future
- Reduce and manage debt wisely.
These objectives help ensure financial health and stability.
3
Q
What is money?
A
A medium of exchange that is widely accepted in transactions involving goods, services, or settlement of debts.
It serves as a unit of account, a store of value, and a standard of deferred payment.
4
Q
What are the characteristics of money?
A
- Medium of Exchange
- Unit of Account
- Store of Value
These characteristics facilitate economic transactions.
5
Q
Why do we need money?
A
- Facilitates Exchange
- Unit of Account
- Store of Value
- Standard of Deferred Payment
- Portability
- Divisibility
- Durability and Uniformity
- Fosters Specialization and Efficiency
These functions address challenges associated with barter systems.
6
Q
What are the benefits of having money?
A
- Basic Needs and Comfort
- Investments and Wealth Building
- Entrepreneurship
- Quality of Life
- Freedom and Choices
- Education
- Healthcare
- Emergency Preparedness
- Legacy and Generational Wealth
- Philanthropy and Social Impact
Financial well-being contributes to overall happiness but is only one aspect of a fulfilling life.
7
Q
What are the downsides of having too much money?
A
- Increased Stress and Responsibility
- Privacy Concerns
- Relationship Strain
- Expectations and Pressure
- Work-Life Balance
- Isolation
- Risk Aversion
- Estrangement from Reality
- Lack of Motivation
- Impact on Personal Identity
Experiences with wealth vary widely among individuals.
8
Q
What are the different types of money?
A
- Fiat Money
- Commodity Money
- Fiduciary Money
- Representative Money
- Commercial Bank Money (Demand Deposit)
- Central Bank Money (Reserves)
- Cryptocurrencies
- Local currencies
- Barter
- Electronic Money (E-Money)
- Foreign Exchange (Forex)
Each type serves different functions and has unique characteristics.
9
Q
What is Fiat Money?
A
A type of currency that has no intrinsic value and is not backed by a physical commodity.
Its value is derived from trust in the government that issues it.
10
Q
What is Commodity Money?
A
Currency that has intrinsic value derived from the material it is made from.
Examples include precious metals, copper, shells, and cattle.
11
Q
What is Fiduciary Money?
A
Currency not backed by a physical commodity but relies on trust and confidence of the users.
The most common form is fiat currency.
12
Q
What is Representative Money?
A
Currency that represents a claim on a commodity with intrinsic value.
It provides a convenient means of conducting transactions without using the actual commodity.
13
Q
What is Commercial Bank Money?
A
Money created by commercial banks through lending and deposit creation.
Central banks regulate this process to ensure financial stability.
14
Q
What is the Australian Dollar?
A
The official currency of Australia, which is fiat money not backed by a physical commodity.
Its value is based on public confidence in the Australian government.
15
Q
What is a Cashless Society?
A
A society where financial transactions are conducted electronically rather than using physical cash.
This includes the use of credit cards, mobile payments, and digital currencies.
16
Q
What are the common uses of credit cards?
A
- Purchases
- Convenience
- Emergency Expenses
Credit cards allow individuals to borrow money up to a predefined limit.
17
Q
What is the primary function of a credit card?
A
To buy goods and services both in physical stores and online, with the issuer covering the cost to be repaid later.
18
Q
What is one key advantage of using credit cards?
A
Convenience in making payments without carrying large amounts of cash.
19
Q
In what situations can credit cards be particularly useful?
A
Emergency expenses, online transactions, travel expenses.
20
Q
What are some examples of emergency expenses where credit cards may be used?
A
Car repairs, medical bills, home repairs.
21
Q
How do credit cards facilitate online shopping?
A
They provide a secure method for making payments on the Internet.
22
Q
What benefits do credit cards often provide for travel-related expenses?
A
Travel rewards or insurance benefits.
23
Q
What is the impact of responsible credit card use on credit history?
A
Helps establish and build credit history, contributing to a positive credit score.
24
Q
What are common rewards offered by credit cards?
A
Rewards programs, cashback incentives, points, miles.
25
What is a balance transfer in the context of credit cards?
Transferring balances from one card to another with a lower interest rate to consolidate high-interest debt.
26
True or False: It is important to use credit cards responsibly.
True.
27
What can happen if timely payments on credit cards are not made?
Interest charges, late fees, negative impacts on credit score.
28
What is Monetary Policy?
The expanding or contracting of the money supply of a nation.
29
What are the three tools used by the Reserve Bank of Australia for Monetary Policy?
The Reserve Requirement, The Discount Rate, Open Market Operations.
30
What is a bank run?
When people lose faith in the security of the bank and rush to withdraw all their money at once.
31
How did the Federal Reserve address the issue of bank runs?
By creating a standard reserve requirement for banks.
32
What is the Discount Rate?
The interest rate that the RBA charges banks for temporary loans.
33
What happens to the money supply when the discount rate is lowered?
Increases the money supply.
34
What are Open Market Operations?
The buying and selling of Treasury Bonds on the open market.
35
What effect does buying bonds have on the money supply?
Increases the money supply.
36
What is M1 in terms of monetary aggregates?
Currency in circulation plus bank current deposits from the private non-bank sector.
37
What is Broad Money?
M3 plus borrowings from the private sector by non-bank financial institutions.
38
What is the Money Base?
Holdings of notes and coins by the private sector plus deposits of banks with the RBA.
39
How do commercial banks contribute to the money supply?
By issuing loans, leading to deposit creation.
40
Does Australia have a reserve requirement for banks?
No, banks are constrained by capital requirements.
41
What is an Economic Indicator?
Economic indicators are statistics that provide information about the economic performance of a country.
## Footnote
Commonly used indicators include GDP, Consumer-Price Index, and the Unemployment rate.
42
What does GDP stand for?
Gross Domestic Product
## Footnote
GDP measures the total monetary value of all finished goods and services produced within a country's borders in a specific time period.
43
What is a trade surplus?
A situation where the total value of goods and services that domestic producers sell to foreign countries exceeds the value of foreign goods and services that domestic consumers buy.
44
How is GDP calculated?
GDP is calculated by summing private and public consumption, government outlays, investments, additions to private inventories, paid-in construction costs, and the foreign balance of trade.
## Footnote
Exports are added while imports are subtracted.
45
What are the phases of the business cycle?
The phases of the business cycle include:
* Recession
* Expansion
* Peak
* Trough
## Footnote
A depression is a prolonged or especially bad contraction.
46
What is a recession?
A period when GDP is decreasing, typically defined as two consecutive quarters of declining GDP.
47
What does the Consumer Price Index (CPI) measure?
The CPI measures the level of inflation in the country based on a predetermined bundle of goods and services.
## Footnote
It is determined by the Bureau of Labor Statistics.
48
What is inflation?
Inflation is the decrease in the purchasing power of a currency, resulting in higher prices for goods and services.
49
What is demand-pull inflation?
Demand-pull inflation occurs when demand for goods and services exceeds supply, leading to upward pressure on prices.
50
What triggers cost-push inflation?
Cost-push inflation is triggered by increases in the cost of wages and raw materials, leading to higher prices for consumers.
51
What is hyperinflation?
Hyperinflation is an extremely rapid inflation, typically defined as a monthly inflation rate exceeding 50%.
52
What is money illusion?
Money illusion is the tendency for people to perceive money in nominal terms rather than considering its real purchasing power.
53
Fill in the blank: A prolonged or especially bad contraction is called a _______.
Depression
54
True or False: A low unemployment rate can lead to inflation.
True
55
What is the ideal inflation rate central banks strive for?
2-3%
56
What happens during the peak phase of the business cycle?
The economy has peaked and a natural downturn is anticipated.
57
What is the impact of inflation on debtors?
Debtors benefit from inflation as they pay back loans with less valuable money.
58
What effect does inflation have on people on a fixed income?
They can buy less with the same amount of money due to inflation.
59
What is the relationship between wages and inflation?
If wages do not keep up with inflation, consumers lose purchasing power.
60
What is the effect of increased government spending on inflation?
It may lead to a scarcity of certain goods followed by inflation.
61
How does demand-pull inflation differ from cost-push inflation?
Demand-pull inflation is driven by consumer demand, while cost-push inflation is driven by production costs.
62
What is unemployment?
Unemployment is when an individual who is not employed and is seeking employment, cannot find work.
63
How is unemployment calculated?
Calculated monthly by the Bureau of Labor Statistics.
64
What age group does unemployment data apply to?
Only applies to persons over 15 years of age.
65
What are the three categories of labor force status?
* Employed: person receives pay for at least one hour of labor a week.
* Unemployed: person is not working, but is actively seeking work.
* Out of the Labor Force: person has chosen not to work.
66
Who is not included in unemployment statistics?
* Children under 16 years old
* Fully retired
* The sick and disabled
* Full-Time College Students
* The institutionalized (in prisons or other institutions)
* Full-Time homemakers
* The Military
* Discouraged workers
67
What is frictional unemployment?
Frictional unemployment occurs when people move between jobs or transition into and out of the labor force.
68
What is a characteristic of frictional unemployment?
Generally shorter term (less than one month).
69
What is seasonal unemployment?
Seasonal unemployment occurs at different points over the year due to seasonal patterns affecting jobs.
70
What is structural unemployment?
Structural unemployment occurs when there is a mismatch between available jobs and the skills of jobseekers.
71
What can cause structural unemployment?
* Declining industries
* Skills that could be automated due to technological advances.
72
What is cyclical unemployment?
Cyclical unemployment occurs with changes in economic activity over the business cycle.
73
What happens during an economic downturn regarding cyclical unemployment?
A shortfall of demand for goods and services results in a lack of jobs being available.
74
What is a problem with the unemployment rate?
Does not take into account underemployment, such as working less than full-time or in a field that one is overqualified for.
75
What are discouraged workers?
Individuals who stop looking for work due to disillusionment with the labor market.
76
What is the goal for unemployment rates?
To eliminate cyclical unemployment and maintain an unemployment rate of about 4.5%.
77
True or False: An unemployment rate of 0% is possible and beneficial for the economy.
False.
78
What is the Natural Rate of Unemployment?
The unemployment rate that aims to eliminate cyclical unemployment while allowing for frictional and seasonal unemployment.
79
What is required for taxes to be collected?
A law must be passed to permit their collection.
80
When was the Commonwealth of Australia Constitution Act established?
In 1901.
81
What major source of federal tax revenue has remained since World War II?
Income tax.
82
What are some examples of documents that record tax information?
* Payslip from work
* Sales invoice from a clothing store
* Rate notice for a family home
* Invoice or receipt for sale of a motor vehicle
* Pet registration receipt.
83
What do Australians expect their governments to provide?
Certain goods and services.
84
What are the three tax structures used in Australia?
* Proportional taxes
* Progressive taxes
* Regressive taxes.
85
Define proportional taxes.
The same percentage is levied, regardless of the level of income.
86
Give an example of a proportional tax.
Company tax.
87
Define progressive taxes.
The higher the income, the higher the percentage of tax paid.
88
What is an example of a progressive tax?
Income tax for individuals.
89
Define regressive taxes.
The same dollar amount of tax is paid, regardless of the level of income.
90
What is an example of a regressive tax?
Departure levy on passengers at airports.
91
What is a common argument against regressive taxes?
They charge the same amount regardless of a person's income or capacity to pay.
92
What is a tax that discourages consumption of specific goods?
Taxes on tobacco and alcohol.
93
What does the Australian Federal Budget illustrate?
How tax revenue will be collected and how it will be spent.
94
Who prepares the Australian Federal Budget?
The Treasurer.
95
What percentage of the Australian Federal Budget income comes from individual income tax?
47%.
96
What are some effects that can challenge budgets?
* Natural disasters
* Economic downturns.
97
What can a government do if there is not enough revenue to cover proposed spending?
* Cut spending
* Increase taxes
* Keep taxes and spending as they are and borrow money
* Sell national assets.
98
What is the Goods and Services Tax (GST) rate in Australia?
10%.
99
What are GST-free sales?
Sales that do not include GST.
100
List some GST-free products and services.
* Most basic food
* Some education courses
* Some medical, health and care services
* Some menstrual products
* Some medical aids and appliances
* Some medicines
* Some childcare services
* Some religious services and charitable activities
* Supplies of accommodation and meals to residents of retirement villages
* Cars for disabled people
* Water, sewerage and drainage
* International transport
* Precious metals
* Sales through duty-free shops
* Grants of land by government
* Farmland
* International mail
* Exports
* Sales of businesses as going concerns
* Some telecommunications supplies
* Eligible emissions units.
101
What is Superannuation?
Money set aside while you’re working to support your financial needs in retirement
## Footnote
Superannuation is often referred to as 'super' and is invested in a range of assets to grow your balance for retirement.
102
Why is Superannuation important?
The more you save, the more money you will have in retirement
## Footnote
Super is a long-term investment that grows over time.
103
When does Superannuation typically begin for most people?
When you start work and your employer starts paying a percentage of your salary into a super fund account
## Footnote
This account is managed until retirement.
104
What should you learn about to manage your super effectively?
Entitlements, employer payment responsibilities, and applicable limits
## Footnote
Understanding these factors will enhance your retirement outcome.
105
What can help your super grow over your working life?
Adding extra contributions, choosing the right fund, and checking fees
## Footnote
The YourSuper comparison tool can assist in comparing MySuper products.
106
Under what circumstances can you access your super early?
1. First home super saver scheme
2. Compassionate grounds or terminal medical condition
3. Temporarily unable to work or permanently incapacitated
4. Super account balance less than $200
5. Severe financial hardship
## Footnote
Each circumstance has specific requirements that must be met.
107
What is the current Age Pension age in Australia?
67
## Footnote
Government proposals suggest it may increase to 70 by 2035.
108
What is a significant milestone when reaching retirement age?
The ability to access your super after years of contributions
## Footnote
This access is regulated with rules regarding withdrawal.
109
What are the consequences of illegally accessing your super?
Severe penalties and fees apply
## Footnote
It is crucial to ensure you meet the legal requirements before accessing your super.
110
What should you consider regarding tax when accessing super benefits?
Your age and whether your super comes from a taxed or untaxed source
## Footnote
These factors greatly influence the tax implications of your super benefits.
111
What option may you consider regarding your home in retirement?
Downsizing your home and contributing proceeds to your super
## Footnote
This strategy can help increase your retirement savings.
112
What is Free Trade?
A policy of unrestricted foreign trade with no tariffs or subsidies on imports or exports, and no quotas or other trade restrictions.
## Footnote
Results in the international flow of goods, services, and capital between countries.
113
What are the benefits of Free Trade?
* More jobs and employment
* Lower prices for consumers
* More efficient allocation of resources
## Footnote
These benefits arise due to larger markets and increased competition.
114
What is Protectionism?
Policies that restrict international trade to prevent unemployment, promote industrial development, and avoid exploitation by monopolies.
## Footnote
Aimed at protecting domestic industries from foreign competition.
115
What are the advantages of Protectionist policies?
* Supports new/infant industries
* Helps manage volatility
* Prevents short-term unemployment
* Overcomes barriers to entry
* Addresses positive externalities
* Mitigates negative externalities
* Protects against multinational corporations' economic power
## Footnote
These advantages help maintain domestic economic stability.
116
What is Absolute Advantage?
When a country is more efficient than another in producing goods and services, allowing it to produce more using the same inputs.
## Footnote
Example: Australia producing wheat and China producing clothes more efficiently.
117
What is Comparative Advantage?
The ability of a country to produce goods at the lowest opportunity cost, allowing for specialization and trade liberalization.
## Footnote
This leads to a net gain in economic welfare.
118
What are the sources of gains from trade?
* Learning by doing
* Economies of scale
## Footnote
Specialization leads to improved efficiency and lower costs.
119
What determines the division of gains between two countries?
The Terms of Trade (t of t), defined as the quantity of domestic goods that must be given up to obtain a unit of imported goods.
## Footnote
This influences how benefits are shared in trade agreements.
120
Fill in the blank: Free trade leads to _______ for consumers due to greater competition.
lower prices
121
True or False: Protectionism aims to promote international trade without restrictions.
False
122
What is the aim of comparing Australia's resource base with another economy?
To explore how this influences trading relationships, such as why different economies focus on different industries.
## Footnote
Example: manufacturing electronic goods versus mining.
123
Find an FTA in force and investigate the outcome of the policy.
Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
## Footnote
For detailed outcomes, refer to the specified link.
124
Why do we have laws?
Laws are created to ensure everyone understands their obligations and rights within society.
## Footnote
Obligations refer to what is expected of individuals, while rights pertain to what individuals can expect from others, including the government.
125
What is social cohesion?
Social cohesion reflects the harmony, connectedness, and cooperation of society.
## Footnote
It measures belonging, personal and financial worth, social inclusion, trust in government, community participation, and acceptance of diversity.
126
What are the elements of an effective legal system?
Key elements include:
* Accessibility
* Fairness
* Timeliness
* Transparency
* Accountability
127
What are some problems individuals face within the legal system?
Problems include:
* High cost of legal proceedings
* Limited access due to financial difficulties
* Delays in resolving cases
* Social disadvantages for certain groups
128
What is a significant threat to social cohesion?
Major threats include:
* Inequality
* Poverty
* Unemployment
129
Fill in the blank: Laws may need to change due to _______.
[changing values and attitudes in the community]
130
What is an example of a law change due to technological advances?
The Crimes Amendment (identity crime) Act 2009 (vic) was passed to criminalize identity crime.
## Footnote
This law helps protect victims of identity crime.
131
What is the role of the legal system in protecting the community?
The legal system aims to protect the community from harm by changing laws when new harms become evident or existing harms intensify.
132
How can individuals or groups influence legislative change?
They can use:
* Petitions
* Demonstrations
* Media campaigns
133
What is the distinction between criminal law and civil law?
Criminal law regulates behavior and addresses crimes against society, while civil law deals with disputes between private individuals.
## Footnote
Examples of criminal law include murder and theft; civil law includes family law and breach of contract.
134
What are the types of civil disputes?
Types include:
* Family law
* Defamation
* Trespass
* Breach of contract
* Nuisance
* Negligence
135
True or False: The plaintiff is the party that suffers damage in a civil case.
True
136
What is Aboriginal customary law?
Aboriginal customary law developed from accepted moral and social norms within Indigenous societies, regulating behavior and connecting people to land.
## Footnote
It includes specific sanctions for non-compliance and focuses on relationships.
137
List the four main reasons for the existence of a court hierarchy.
Reasons include:
* Administrative convenience
* Specialisation
* Appeals
* Doctrine of precedent
138
What is the function of the Magistrates' Court?
It hears minor criminal and civil cases presided over by a single Magistrate with no jury present.
139
What is the highest appeal court in the Victorian Court Hierarchy?
The Court of Appeal
140
Fill in the blank: The Supreme Court hears the most serious indictable offences, mainly _______.
[murder]
141
What is the purpose of criminal law?
To regulate behavior within the community and establish guidelines for societal conduct.
142
What does civil law focus on?
Enforcement of individual rights and obligations between people.
143
List some types of Aboriginal and Torres Strait Islander customary laws.
Types include:
* Capital Punishment
* Land rights
* Identifying relationships and social expectations
* Adoptions
* Compensation
* Exclusion from the community
144
What is the main role of the legal system?
To protect the community from harm.
145
What is the difference between original jurisdiction and appellate jurisdiction?
Original jurisdiction refers to the court's authority to hear a case for the first time, while appellate jurisdiction is the authority to review a case decided by a lower court.
146
What does the County Court hear appeals about?
Appeals based on a point of law, conviction, severity (or leniency) of sanction from a SINGLE JUDGE of the County or Supreme Courts.
147
What is the original jurisdiction of the Magistrates' Court?
Minor civil disputes up to $100,000.
148
What is the appellate jurisdiction of the County Court?
Unlimited, but NO appellate jurisdiction UNLESS the appeal is in relation to a specific Act.
149
What types of cases does the Supreme Court Trial Division handle?
Unlimited civil jurisdiction and hears appeals from the Magistrates’ Court on points of law.
150
Who hears appeals from the County or Supreme Courts?
Supreme Court (Court of Appeal) with 3 justices.
151
True or False: The Magistrates Court has appellate jurisdiction.
False.
152
What is mediation?
A process where parties try to resolve their dispute themselves with the help of an independent mediator.
153
Is a mediation decision legally enforceable?
No.
154
What is arbitration?
An independent and impartial third party listens to evidence and arguments and makes a binding decision.
155
Is an arbitration decision legally enforceable?
Yes.
156
What is judicial determination?
Involves presenting arguments and evidence to a judicial officer who makes a legally binding decision.
157
True or False: Trials are heard before judges in superior courts.
True.
158
What is the difference between statute law and common law?
Statute law is legislation made by Parliament; common law is case law made by judges.
159
What are specific powers in the Commonwealth Constitution?
Powers given to the Commonwealth to maintain peace, order, and good government, listed in s.51.
160
What are exclusive powers?
Powers exclusive to the Commonwealth Parliament, such as those outlined in s.51(xxi) regarding currency.
161
What are concurrent powers?
Areas of law-making power shared between Commonwealth and State Parliaments, like marriage.
162
What are residual powers?
Powers not listed in the Constitution that remain with the states, such as criminal law.
163
What is international law?
Rules and principles governing relations between nations and their citizens.
164
What are the two types of international law?
* Public international law
* Private international law
165
What is a treaty?
A written agreement between two or more parties establishing legal rights and obligations under international law.
166
What is the primary function of the International Court of Justice?
To settle legal disputes submitted by states and provide advisory opinions.
167
What is an example of a well-known treaty?
The Treaty of Versailles.
168
What does Chapter I of the UN Charter address?
Purposes of the United Nations, including international peace and security.
169
What is the role of the UN Security Council in enforcing international law?
To authorize economic, diplomatic, and military sanctions.
170
What are some categories of treaties identified by Australia's Department of Foreign Affairs and Trade?
* Atmosphere and outer space
* Criminal matters
* Defence and security
* Human rights
* International trade
* Labour
171
Is Australia committed to abiding by international treaties?
Yes, Australia adopts treaties in good faith.
172
What is the purpose of treaties between countries?
To formalise agreements between countries
## Footnote
Treaties can cover various areas such as human rights, trade, and security.
173
How many areas does the Department of Foreign Affairs and Trade identify for treaty categorisation?
21 areas
## Footnote
These areas encompass diverse topics like atmosphere, criminal matters, and international trade.
174
What is Australia's intention when adopting treaties?
To abide by them and assist in holding countries accountable for breaches
## Footnote
This can lead to the creation of domestic laws to implement international treaties.
175
What conflict can arise from the adoption of treaties in Australia?
Conflict can arise as governments attempt to enforce treaty obligations through domestic laws
## Footnote
This may dictate government policy directions.
176
Name a legal case that exemplifies treaty conflict in Australia.
Koowarta v. Bjelke-Petersen & Ors (1982)
## Footnote
Another case is The Commonwealth v. The State of Tasmania.
177
List some benefits of international trade.
* Access to a wider variety of goods and services
* Increased incomes from overseas sales
* Higher living standards
* Falling prices from competition
* Higher employment due to increased production
## Footnote
These benefits contribute to economic growth and consumer choice.
178
What do trade agreements establish?
Rules and guidelines for the trade of goods and services between countries
## Footnote
They can vary from simple contracts to significant international agreements.
179
What organization regulates most trade agreements?
World Trade Organization (WTO)
## Footnote
The WTO framework replaced the General Agreement on Tariffs and Trade (GATT) on January 1, 1995.
180
What is the goal of the WTO framework?
To improve trade relations and reduce trade barriers
## Footnote
This includes advocating for free trade agreements and removing tariffs.
181
What has been the trend of tariffs on imported cars in Australia since the 1980s?
Tariffs have been steadily reduced
## Footnote
The last reduction occurred in 2010, decreasing from 10% to 5%.
182
What was the impact of tariff reductions on Australian car manufacturers?
Closure of Ford, Holden, and Toyota plants in 2017
## Footnote
This resulted in the loss of thousands of jobs.
183
What is ANZUS?
A security agreement between Australia, New Zealand, and the United States
## Footnote
It was signed in 1951 and focuses on defense cooperation in the Pacific.
184
What prompted the signing of the ANZUS treaty?
Australia's need for support during World War II against Japanese forces
## Footnote
Strong ties with the United States were established during this conflict.
185
What is the International Labour Organization (ILO)?
An agency of the United Nations that deals with labour issues among member states
## Footnote
Australia is a member and adopts ILO policies in its labour laws.
186
What are the four fundamental policies in the ILO Declaration on Fundamental Principles and Rights at Work?
* Right to associate freely and bargain collectively
* End of forced and compulsory labour
* End of child labour
* End of unfair discrimination among workers
## Footnote
These principles are essential for fair labor practices.
