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exams yr 10 > commerce > Flashcards

commerce Flashcards

exam

1
Q

define economics

A

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

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2
Q

what are goods

A

food
clothes
chocolate bars
restaurant menu

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3
Q

what are services

A

doctors
singing lessons
netflix subscription
haircut

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4
Q

economic resources

A

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

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5
Q

what is land resources

A

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

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6
Q

capital

A

all equipment used for labour eg:machines, tables

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7
Q

labour

A

human resource used to describe human work effort.

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8
Q

what is a market

A

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

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9
Q

scarcity

A

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

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10
Q

opportunity cost

A

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

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11
Q

needs

A

are resources that you need to live

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12
Q

wants

A

are resources we want but don’t need

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13
Q

enterprise

A

when a person starts a business

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14
Q

equilibrium

A

is when the demand and supply amount is balanced

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15
Q

law of demand

A

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

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16
Q

law of supply

A

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

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17
Q

what are 3 economic questions

A
  • what should be produced
  • how should they be produced
  • who should receive the goods
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18
Q

plantiff

A

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

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19
Q
A
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20
Q

summary offence

A

minor offences heard by magistrate

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21
Q

indictable offences

A

serious offences that are heard by a magistrate

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22
Q

accused

A

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

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23
Q

balance of probability

A

most likely occurred

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24
Q

government

A

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

25
Q

what is the federal level of government

A

responsible for issues that affect all australians

26
Q

what is federal’s area of responsibility

A

money
immigration
defence

27
Q

what is the local government level of government

A

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

28
Q

what is the state government

A

responsible for issues which affect people in that state

29
Q

`representative democracy

A

representative democracy is where representatives is elected by the public

30
Q

what is required for citizens over 18

A

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

31
Q

preferential voting

A

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

32
Q

why is it important to vote

A

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

33
Q

how to enroll

A

you must be sixteen or 17+ and a australian citizen

34
Q

electoral roll

A

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

35
Q

the demand curve

A

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

36
Q

demand factors

A

the price substitutes
preferences
income
price
consumer

37
Q

the supply curve

A

is the price of the item compared to the quantity supplied

38
Q

supply factors

A

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

39
Q

shortages

A

when demand increases there may be a shortage in supply

40
Q

surpluses

A

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

41
Q

price mechanism

A

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

42
Q

who is the stakeholder for vaping

A

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

43
Q

unintended consequence for vaping

A

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

44
Q

legal rules

A

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

45
Q

non legal rules

A

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

46
Q

what is the principle of the austrlian legal system

A
  • fairness
  • transparency
  • equality before the law
47
Q

what is required for citizens over 18

A

citizens over 18 must be enrolled to vote.

48
Q

criminal law

A

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

49
Q

summary offence

A

less serious

50
Q

indictable offence

A

more serious

51
Q

negligence

A

is failing to take care of someone or something

52
Q

civil law

A

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

53
Q

defamation

A

harming someone’s reputation

54
Q

accused

A

a person charged for committing offence

55
Q

prosecution

A

charging someone for a crime and putting them on trial

56
Q

scarcity

A

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

57
Q

should voting be compulsory for

A
  • 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.
58
Q

should voting be compulsory against

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

exams yr 10 (4 decks)

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