commerce Flashcards

1
Q

why do we have laws

A

to regulate our society and behaviour

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2
Q

where was australian law originated from

A

england

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3
Q

what are the three features of australias government

A

a representative democracy, a federation, and a constitutional monarchy

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4
Q

what is the australian constitution

A

a constitution is a set of rules by which a country or state is run

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5
Q

what is the divison of powers

A

how the ability to make laws in australia is divided between federal and state parliaments

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6
Q

the ability to make laws are divided into three powers which are?

A

exclusive power, concurrent power, and residual power

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7
Q

what is exclusive power

A

powers that are granted only to the national (commonwealth) government

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8
Q

what is concurrent power

A

powers that are shared between the national and state governments

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9
Q

what is residual power

A

residual powers are the powers that the states retained after federation

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10
Q

what is the hierachy of courts in australia (lowest to highest)

A

local court, district court, supreme court, federal court, high court

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11
Q

what is a tipstaff

A

helps the judge keep order in court

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12
Q

what is a judge’s associate

A

a trained lawyer who manages paperwork

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13
Q

what is a defendant

A

is represented by the counsel for the defence and is the accused

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14
Q

what is a plaintiff

A

someone that commences a civil action

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15
Q

what is a witness

A

someone who gives evidence about the incident or the people involved

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16
Q

what is a prison officer

A

supervises the prisoner if one is involved

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17
Q

what is a prosecutor

A

tries to convince the jury/judge of the guilt of those involved

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18
Q

how is a jury selected and what is their role

A

jurors are selected randomly form an eligible citizens’ list, their role is to assess evidence in court, determine facts, and reach a verdict based on the law, ensuring a fair trial

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19
Q

what is common law

A

laws that are made by the judges where previous made laws do not apply

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19
Q

how are laws made in australia

A

a bill becomes a law if it is passed in identical form by both the House of Representatives and the Senate, and given Royal Assent by the Governor-General

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20
Q

what is statute law

A

statute law is legislation that has been passed through Parliament

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21
Q

what is public law

A

deals with the standard of behaviour society expects of people and the government

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22
Q

what is private law/ civil law

A

laws that deal with the way people interact with eachother

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23
Q

what are the 6 types of criminal activity

A

crimes against persons, crimes against property, white collar crimes, crimes against the state, public order offences, traffic offences

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23
what is criminal law
a system of law that deals and is concerned with the punishment of offenders
24
what is domestic law
law that governs activity within a nation's borders
25
what is international law
an independent system of law existing outside the legal orders of particular states
26
what is first past the post voting
place the number 1 next to the name of the person they want to vote for on the ballot paper
26
what are the different methods of voting
first past the post, preferential voting system, formal voting, informal voting, donkey vote
27
what is preferential voting
vote in order of preference, over 50% of votes is needed to win, also known as absolute majority
28
what is formal voting
all squares on a ballot paper must be numbered according to the electors preferences
29
what is informal voting
when a vote is not counted in an election because it has been cast in a way that violates the rules
29
describe the role of the labour political party
representing the centre-left, they prioritise workers' rights, healthcare, education, and social welfare
30
what is a donkey vote
references to a ballot paper that has the preferences recorded simply in the order the names appear on the paper
31
describe the role of the national's political party
represent rural and regional areas, they focus on agricultural, infrastructure, and regional development
32
describe the role of the green's political party
advocate for environmental sustainability, social justice, and progressive policies
33
describe the role of the liberal political party
representing the centre-right they emphasise economic liberalism, free markets, individualism, and conservative social values
34
what is legal capacity
the ability of a person to do something
35
what is doli incapax
latin term meaning 'incapable of wrong', the presumption that a child under the age of 10 years cannot be held legally responsibile for his or her actions and cannot be guilty of a criminal or civil offence
36
what ages are meant by the term children
people aged 15 and younger
36
what ages are meant by the term young people
people between 16-18 years in NSW
37
what is real GDP
the national output of goods and services adjusted for changes in inflation over time
37
how does civil law differ from criminal law
civil law involves disputes between parties whereas criminal law is between an individual and the state when they commit a crime, usually of bodily harm
38
what is economic growth
an increase in a country's productive capacity as measured by changes in its real GDP over time
39
what is the formula for the growth rate of real GDP
current real GDP minus previous real GDP all over previous real GDP all multiplied by 100
40
what is distribution of income
how incomes are shared out between individuals and households
41
how do economists measure the distribution of income and wealth
a lorenz curve
42
what is a gini coefficient
a measure of income inequality
43
how is a gini coefficient calculated
by dividing area a by area a and area b (A/A+B)
44
what is ecological sustainable development
the development that meets the needs of the present without compromising the ability of future generations to meet their own needs
45
what is inflation
the increase of general price level
46
what is inflation calculated with
the consumer price index
47
what is the formula for inflation
current inflation minus previous inflation all over previous inflation all multiplied by 100
48
what is macroeconomics
a branch of economics that looks at expenditure levels in the economy
49
what is aggregate demand
total demand for goods and services in the economy
50
what is fiscal policy
the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy
51
what is expansionary fiscal policy
government expenditure increases and tax bracket decreases
52
what is contractionary fiscal policy
decrease in government expenditure and tax brackets increase
53
what is monetary policy
refers to the RBA's control on interest rates
54
what are interest rates
the rate at which we borrow money from the banks
55
what are cash rates
the rate at which the banks borrow money from the RBA
56
what is expansionary monetary policy
when the RBA lowers interest rates
57
what is contractionary monetary policy
when the RBA increases interest rates
58
what are the two main types of taxes
direct tax and indirect tax
59
what is the economic cycle
the natural fluctuation of the economy between periods of expansion and contraction of economic activity
60
what is productivity
how much output can be produced with a given set of inputs
61
what is a subsidy
a benefit given to individuals or businesses usually by the government
62
what are the different types of work
full time, part time, casual, paid work, unpaid work, voluntary, apprenticeship, traineeship