commerce

Question 1

define economics

Answer 1

economics is the study on how consumers make decisions which results in scarcity resources ect fuel, food ect

Question 2

what are goods

Answer 2

food
clothes
chocolate bars
restaurant menu

Question 3

what are services

Answer 3

doctors
singing lessons
netflix subscription
haircut

Question 4

economic resources

Answer 4

economic resources are broken up into 3 groups labour,capital and land

Question 5

what is land resources

Answer 5

land resources r resources produced by the earth. Eg: mineral sources and water.

Question 6

capital

Answer 6

all equipment used for labour eg:machines, tables

Question 7

labour

Answer 7

human resource used to describe human work effort.

Question 8

what is a market

Answer 8

a market is any situation where a buyer interacts with a seller and there is a mean of exchange eg: paying for a good or service

Question 9

scarcity

Answer 9

is the relationship between wants and needs and choices have to be made about what to produce and how much to produce.

Question 10

opportunity cost

Answer 10

because our resources are limited choices have to be made by individuals,businesses and the government. whatever option is not chosen is the opportunity choice

Question 11

needs

Answer 11

are resources that you need to live

Question 12

wants

Answer 12

are resources we want but don’t need

Question 13

enterprise

Answer 13

when a person starts a business

Question 14

equilibrium

Answer 14

is when the demand and supply amount is balanced

Question 15

law of demand

Answer 15

the law of demand is that when a price of a item goes up the demand will go down

Question 16

law of supply

Answer 16

as the price of a item increases the number of that number being supplied will go up.

Question 17

what are 3 economic questions

Answer 17

• what should be produced
• how should they be produced
• who should receive the goods

Question 18

plantiff

Answer 18

is the person or organization who is bringing the case to court

Question 20

summary offence

Answer 20

minor offences heard by magistrate

Question 21

indictable offences

Answer 21

serious offences that are heard by a magistrate

Question 22

accused

Answer 22

the term used to refer to a defendant in the county or supreme court

Question 23

balance of probability

Answer 23

most likely occurred

Question 24

government

Answer 24

government is apart of our everyday life. the government system provides us with the sense of safety and defence of the law and police.

Question 25

what is the federal level of government

Answer 25

responsible for issues that affect all australians

Question 26

what is federal's area of responsibility

Answer 26

money immigration defence

Question 27

what is the local government level of government

Answer 27

responsible for parks,rodes, local libraries and there community.

Question 28

what is the state government

Answer 28

responsible for issues which affect people in that state

Question 29

`representative democracy

Answer 29

representative democracy is where representatives is elected by the public

Question 30

what is required for citizens over 18

Answer 30

citizens over the age of 18 must be enrolled and must vote

Question 31

preferential voting

Answer 31

when you vote you need to decide who you like the most the second most and so on

Question 32

why is it important to vote

Answer 32

voting in the federal parliamentary election is how you can have your views heard and is your opportunity to choose who represents you in the federal parliament

Question 33

how to enroll

Answer 33

you must be sixteen or 17+ and a australian citizen

Question 34

electoral roll

Answer 34

is a list of all eligible citizen who can vote in federal elections and referendums`.

Question 35

the demand curve

Answer 35

a demand curve is the price of a item compared to the quantity demand

Question 36

demand factors

Answer 36

the price substitutes preferences income price consumer

Question 37

the supply curve

Answer 37

is the price of the item compared to the quantity supplied

Question 38

supply factors

Answer 38

availability of a product cost of input being used efficiency of resource

Question 39

shortages

Answer 39

when demand increases there may be a shortage in supply

Question 40

surpluses

Answer 40

when there is a excess of product suppliers will be willing to lower the price of the item.

Question 41

price mechanism

Answer 41

is the system where producers suppliers and consumers demand interaction in the market in order to set prices for goods and services

Question 42

who is the stakeholder for vaping

Answer 42

A stakeholder is a individual or group who is affected by the activity. the stakeholder of vaping is consumers, brands which make vapes and stores who sell them

Question 43

unintended consequence for vaping

Answer 43

a unintended consequence are outcomes that are not foreseen and intended, they can be positive and negative. - black market - nicotine patches - stores selling other bad things for money

Question 44

legal rules

Answer 44

legal rules must be followed by everyone. rules can only be made by parliaments,local councils and the court.

Question 45

non legal rules

Answer 45

non legal rules apply to select groups in the community, parents teachers and the church make up non legal rules. if you break a non legal rule you don't get a court enforcement

Question 46

what is the principle of the austrlian legal system

Answer 46

- fairness - transparency - equality before the law

Question 47

what is required for citizens over 18

Answer 47

citizens over 18 must be enrolled to vote.

Question 48

criminal law

Answer 48

when a person commits a offence against - the state - a other individuals - property - public order

Question 49

summary offence

Answer 49

less serious

Question 50

indictable offence

Answer 50

more serious

Question 51

negligence

Answer 51

is failing to take care of someone or something

Question 52

civil law

Answer 52

when there is a concern between 2 private individuals - ownership of property - contracts - divorce

Question 53

defamation

Answer 53

harming someone's reputation

Question 54

accused

Answer 54

a person charged for committing offence

Question 55

prosecution

Answer 55

charging someone for a crime and putting them on trial

Question 56

scarcity

Answer 56

the relationship between wants and needs. choices need to be made of what to produce and how much to produce

Question 57

should voting be compulsory for

Answer 57

- the voter is not compelled to vote for anyone as it is a secret vote - candidates don't need to argue for people to vote.

Question 58

should voting be compulsory against

Answer 58

- some people believe its controlling to make someone vote - some people have no interest in politics