commerce Flashcards
exam
define economics
economics is the study on how consumers make decisions which results in scarcity resources ect fuel, food ect
what are goods
food
clothes
chocolate bars
restaurant menu
what are services
doctors
singing lessons
netflix subscription
haircut
economic resources
economic resources are broken up into 3 groups labour,capital and land
what is land resources
land resources r resources produced by the earth. Eg: mineral sources and water.
capital
all equipment used for labour eg:machines, tables
labour
human resource used to describe human work effort.
what is a market
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
scarcity
is the relationship between wants and needs and choices have to be made about what to produce and how much to produce.
opportunity cost
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
needs
are resources that you need to live
wants
are resources we want but don’t need
enterprise
when a person starts a business
equilibrium
is when the demand and supply amount is balanced
law of demand
the law of demand is that when a price of a item goes up the demand will go down
law of supply
as the price of a item increases the number of that number being supplied will go up.
what are 3 economic questions
- what should be produced
- how should they be produced
- who should receive the goods
plantiff
is the person or organization who is bringing the case to court
summary offence
minor offences heard by magistrate
indictable offences
serious offences that are heard by a magistrate
accused
the term used to refer to a defendant in the county or supreme court
balance of probability
most likely occurred
government
government is apart of our everyday life. the government system provides us with the sense of safety and defence of the law and police.
what is the federal level of government
responsible for issues that affect all australians
what is federal’s area of responsibility
money
immigration
defence
what is the local government level of government
responsible for parks,rodes, local libraries and there community.
what is the state government
responsible for issues which affect people in that state
`representative democracy
representative democracy is where representatives is elected by the public
what is required for citizens over 18
citizens over the age of 18 must be enrolled and must vote
preferential voting
when you vote you need to decide who you like the most the second most and so on
why is it important to vote
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
how to enroll
you must be sixteen or 17+ and a australian citizen
electoral roll
is a list of all eligible citizen who can vote in federal elections and referendums`.
the demand curve
a demand curve is the price of a item compared to the quantity demand
demand factors
the price substitutes
preferences
income
price
consumer
the supply curve
is the price of the item compared to the quantity supplied
supply factors
availability of a product
cost of input being used
efficiency of resource
shortages
when demand increases there may be a shortage in supply
surpluses
when there is a excess of product suppliers will be willing to lower the price of the item.
price mechanism
is the system where producers suppliers and consumers demand interaction in the market in order to set prices for goods and services
who is the stakeholder for vaping
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
unintended consequence for vaping
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
legal rules
legal rules must be followed by everyone. rules can only be made by parliaments,local councils and the court.
non legal rules
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
what is the principle of the austrlian legal system
- fairness
- transparency
- equality before the law
what is required for citizens over 18
citizens over 18 must be enrolled to vote.
criminal law
when a person commits a offence against
- the state
- a other individuals
- property
- public order
summary offence
less serious
indictable offence
more serious
negligence
is failing to take care of someone or something
civil law
when there is a concern between 2 private individuals
- ownership of property
- contracts
- divorce
defamation
harming someone’s reputation
accused
a person charged for committing offence
prosecution
charging someone for a crime and putting them on trial
scarcity
the relationship between wants and needs. choices need to be made of what to produce and how much to produce
should voting be compulsory for
- 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.
should voting be compulsory against
- some people believe its controlling to make someone vote
- some people have no interest in politics
