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Revision > Commerce > Flashcards

Commerce Flashcards

Revision

1
Q

What are the 6 ways of assessing the Australian Economy?

A

Economic Growth, unemployment, inflation, distribution of income, environmental sustainability and external stability.

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2
Q

What is economic growth also defined as?

A

Real growth.

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3
Q

Why does economic growth occur?

A

Population growth, continual efficiency, product development and replacing goods that have been used.

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4
Q

What does economic growth allow?

A

Economic development.

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5
Q

Is Economic development qualitative or quantitative?

A

Qualitative.

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6
Q

What is economic development?

A

Economic development is living standards, quality of life and wellbeing.

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7
Q

What is HDI?

A

Human development index.

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8
Q

What does HDI measure?

A

Wellbeing and overall development.

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9
Q

What are the specific features of HDI?

A

Health (Life expectancy), education and standards of living

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10
Q

What are the two types of unemployment?

A

Cyclical and structural.

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11
Q

What is cyclical unemployment?

A

Cyclical unemployment is when the economy isn’t operating at full capacity and does not need all labor inputs.

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12
Q

What is structural unemployment?

A

Structural unemployment is when skills and labor do not match the required demands.

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13
Q

What does employment provide?

A

The ability to produce goods and services and the ability for households with income to pay for goods and services.

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14
Q

What is inflation defined as?

A

Inflation is defined as the general increase in prices over a period of
time.

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15
Q

What are the impacts of high inflation?

A

Household purchasing power is reduced, erodes values and savings, creates uncertainty.

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16
Q

How is inflation measured?

A

Inflation is measured through CPI (Consumer price index).

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17
Q

Who calculates CPI?

A

The CPI is calculated and published each quarter by the ABS.

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18
Q

What is CPI?

A

The CPI is a “basket” of 87 everyday items across 11 categories.

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19
Q

What is the distribution of income?

A

The total amount of income in an economy amongst its citizens.

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20
Q

How does the government try to overcome inequality?

A

Through the ‘transfer payments system’.

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21
Q

What is the ‘transfer payments system’?

A

This is a system where the government provides welfare and other services to those less fortunate.

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22
Q

What are the largest welfare sectors?

A

Aged pension, disability payments, family payments and unemployment benefits.

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23
Q

What else besides those welfare services does the government provide?

A

Housing.

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24
Q

What does environmental sustainability refer to?

A

Environmental sustainability refers to ensuring that the environment
is preserved for future generations.

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25
Q

How much does the government spend on welfare payments.

A

More than one third of government expenditure is in the form of cash
payments or welfare.

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26
Q

Why is this an economic issue?

A

This is an economic issue because the pursuit of economic growth will
usually require the use non-renewable resources, result in
deforestation and cause increased pollution.

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27
Q

What is meant by a trade off?

A

It can be said there is a ‘trade off’ between economic growth and
damage to the environment.

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28
Q

How does the government encourage the use of renewable resources?

A

Providing subsidies or rebates, building an electricity distribution network that can connect solar farms and wind farms to where the electricity is used and providing rebates to the energy bills of low-income households.
This is because the transition to renewable energy is expensive and
has increased energy prices..

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29
Q

What does external stability refer to?

A

A measure of the economic relationship between Australia and the rest of the world.

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30
Q

What does it consider?

A

It considers factors such as our level of two-way trade and our level of
international debt.

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31
Q

What does the business cycle represent?

A

The fluctuations in the level of economic activity in an economy.

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32
Q

If there is an expansion in the business cycle, what happens?

A

Production increase, unemployment decrease, wage increase, consumer spending increase and prices increase.

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33
Q

If there is a contraction in the business cycle, what happens?

A

Production decreases, unemployment increases, wage decrease, consumer spending decrease and price decrease?

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34
Q

For individuals what happens during expansion?

A

Wage growth, employment increase, inflation is higher and quality of life improves.

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35
Q

For businesses what happens during expansion?

A

Increaced production, increaced investement in new equipment and inccreaced profits.

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36
Q

For governments what happens during expansion?

A

Collection of company and personal taxes increaced and reduced spending on welfafe.

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37
Q

For individuals what happens during contraction?

A

Wages decreaced, employement is decarced, inflation is down and decreaced quality of life

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38
Q

For businesses what happens during contraction?

A

Decreased production, decreased investment in new equipment and decreased profits

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39
Q

For governments what happens during contractions in the economy?

A

Collection of company and personal taxes is decreaced. and inctreaced spending on welfare.

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40
Q

What are the 5 sectors in the five sector model flow?

A

Households, firms, financial, government and overseas.

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41
Q

What does the 5 sector flow model show?

A

The injections and leakages into an economy.

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42
Q

What does the household sector consist of?

A

The household sector consists of all
individuals in the economy who earn an income (wages, rent, etc.) by selling
productive resources to firms (labour and land).

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43
Q

What does the firms sector consist of?

A

The firms sector consists of all private
businesses which produce and distribute goods and services to consumers.

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44
Q

Who is included in the two sector model?

A

Firms and households.

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45
Q

How is the 2 sector model defined?

A

This 2-Sector model assumes that individuals derive all income (Y) from firms in return for providing resources. It also assumes that all that income is used to purchase goods/Services produced by firms.

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46
Q

What does the financial sector consist of?

A

The financial sector consists of all financial institutions (eg. banks) who engage in the borrowing and lending of money.

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47
Q

How does the financial sector help stimulate the economy?

A

The financial sector accepts savings (S) from the household sector. The bank pays interest on these deposited funds. These funds are then lent to the firms sector so to enable investments (I) to be made.

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48
Q

What does the government sector consist of?

A

The government sector consists of all
economic activities of local, state, territory and federal governments in Australia.

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49
Q

How does the government sector stimulate the economy?

A

Governments raise revenue through taxation (T). This allows for expenditure (G) such as social security, defence, education and health.

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50
Q

What does the overseas sector consist of?

A

The overseas sector consists of all other countries with whom there is trade.

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51
Q

How does the overseas sector help to stimulate the economy?

A

Trade in goods and services consists of either exports (selling to overseas) or imports (buying from overseas).

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52
Q

What do leakages in the economy refer to?

A

When money is lost in the economy (Leakages remove money or income from the circular flow of income, decreasing aggregate (total) income and the general level of economic activity.)

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53
Q

What are the three leakages in the economy?

A
  1. Savings (S) – which go to financial institutions
  2. Taxation (T) – which go to the Government
  3. Imports (M) – which go to overseas firms
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54
Q

What are injections in the economy?

A

Injections are financial boosts to the economy. )Injections into the circular flow model of income are those flows of money that increase aggregate (total) income and the general level of economic activity.)

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55
Q

What are the three injections into the economy?

A
  1. Investment (I) – from financial institutions
  2. Government Expenditure (G)
  3. Exports (X) – from overseas
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56
Q

What is equilibrium?

A

When IGX=STM

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57
Q

What is disequillibrium?

A

When IGX≠ STM

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58
Q

When is it a disequilibrium?

A

When there are more injections than leakages or visa versa.

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59
Q

What are reasons for increase in demand?

A

A rise in consumer income, changes in consumer taste, increase in the size of the population, a substitute good becomes more expensive, complementary good becomes cheaper and prices are expected to rise in the future.

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60
Q

What are the reasons for decrease in demand?

A

A decrease in consumer income, changes in consumer taste that favor different products, a decrease in the size of the population, a substitute good becomes cheaper, a complementary good becomes more expensive, prices are expected to fall in the future.

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61
Q

What are the factors for increased supply?

A

Increased efficiency, increased production, improved climatic conditions and an increase in number of suppliers.

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62
Q

What are the factors for decreased supply?

A

Decreased efficiency, decreased production, worsened climatic conditions, and a decrease in the number of suppliers.

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63
Q

Where supply meets demand is known as?

A

Market equilibrium.

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64
Q

What is a market?

A

Where a buyer demands ‘things and suppliers who supply the same thing.

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65
Q

Why would there be an intermediary in markets?

A

When there is a large number of buyers and suppliers.

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66
Q

What do they do?

A

An intermediary acts to bring buyers and sellers together in an organised way.

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67
Q

What does the share market bring together?

A

Buyers (demand) and sellers (supply) of shares.

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68
Q

What are shares?

A

Means by which someone can have partial ownership in a public company.

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69
Q

When shares have been sold and are already in existence these are on what share market?

A

Secondary share market.

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70
Q

Who is the intermediary who issues shares?

A

The Australian securities exchange. (ASX)

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71
Q

What is the labour market?

A

Means by which someone can have partial ownership in a public company.

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72
Q

What are the two labour market intermediaries?

A

Websites and recruitment firms.

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73
Q

What is the primary reason for government intervention in markets?

A

To correct market failure.

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74
Q

What are the two sectors that make up the economy?

A

Private sector and Public sector.

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75
Q

Name a type of good that is not provided by the private sector due to lack of profitability.

A

Public goods.

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76
Q

What is an example of a public good?

A
  • Defence force
  • Judicial system
  • Police force
  • Street lights
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77
Q

What is a merit good?

A

A good that is underprovided by the private sector despite societal benefits.

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78
Q

Give an example of a merit good.

A
  • Schools
  • Hospitals
  • Highways
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79
Q

How do governments intervene to provide public and merit goods?

A

By providing or paying for them, requiring government expenditure.

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80
Q

What is a de-merit good?

A

A good that has negative societal impacts and is believed to be excessively produced and consumed.

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81
Q

What are negative externalities?

A

Negative impacts that are external to the price mechanism.

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82
Q

List three common de-merit goods.

A
  • Alcohol
  • Tobacco
  • Drugs
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83
Q

What are three ways the government can intervene regarding de-merit goods?

A
  • Ban
  • Restrict use
  • Indirect tax
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84
Q

What does environmental degradation refer to?

A

The deterioration of the natural environment due to pollution and habitat destruction.

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85
Q

How does economic growth relate to environmental degradation?

A

Increased economic growth requires more inputs, leading to environmental problems.

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86
Q

What is the goal of governments in relation to environmental sustainability?

A

To preserve the environment for future generations.

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87
Q

Name one way governments can reduce environmental degradation.

A
  • Impose regulations
  • Mandate environmental studies
  • Indirect taxes on harmful goods
  • Subsidize environmentally friendly alternatives
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88
Q

What international agreement aims to address climate change?

A

The Paris Agreement.

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89
Q

What is the primary focus of macroeconomic policy?

A

To smooth out fluctuations in the business cycle.

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90
Q

What are the two types of macroeconomic policies?

A
  • Monetary Policy
  • Fiscal Policy
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91
Q

What is the role of the RBA in monetary policy?

A

To manage the cash rate to influence economic activity.

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92
Q

What are the two main goals of the RBA?

A
  • Keep inflation within 2%-3%
  • Maintain full employment (approx 4%-4.5%)
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93
Q

What does fiscal policy involve?

A

Decisions on government expenditure and taxation to address market failures.

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94
Q

What is the largest component of government expenditure in the 2023/24 budget?

A

Welfare.

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95
Q

How is the total tax collected broken down?

A
  • Individual Tax: 50%
  • Company Tax: 22%
  • GST: 13%
  • Excise Duties: 7%
  • Other: 8%
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96
Q

What is the difference between direct and indirect taxes?

A

Direct taxes are paid by the entity earning income, while indirect taxes are applied to sales and paid by consumers.

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97
Q

What are the two types of taxes based on who pays them?

A

Direct taxes and Indirect taxes.

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98
Q

What is a Budget Deficit?

A

When receipts are less than expenditure (G > T).

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99
Q

What is a Budget Surplus?

A

When receipts are greater than expenditure (G < T).

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100
Q

What is a Balanced Budget?

A

When receipts equal expenditure (G = T).

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101
Q

What was the budget outcome for 2022/23?

A

$22bn Surplus.

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102
Q

What is an Expansionary Stance in fiscal policy?

A

When a budget deficit gets larger or a budget surplus gets smaller.

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103
Q

What is a Contractionary Stance in fiscal policy?

A

When a budget deficit gets smaller or a budget surplus gets larger.

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104
Q

How do macroeconomic policies operate in a counter-cyclical manner?

A

They slow down the economy if it is ‘too hot’ and stimulate it if ‘too slow’.

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105
Q

What was the impact of COVID-19 lockdowns on taxation revenue?

A

Taxation revenue declined.

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106
Q

What is the main tool of government to alleviate poverty?

A

Fiscal Policy.

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107
Q

What are the three ways the government uses fiscal policy to alleviate poverty?

A
  • Progressive Taxation
  • Social Welfare Payments
  • Provision of services (e.g., health, education, housing)
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108
Q

What is the definition of Globalisation?

A

The process by which the world is becoming increasingly interconnected due to trade and cultural exchange.

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109
Q

What is Innovation?

A

Creating a new product, service, or process, or significantly improving an existing one.

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110
Q

What does Corporate Social Responsibility (CSR) involve?

A

Considering the interests of stakeholders, society, and the environment in business decisions.

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111
Q

What is a Not-for-Profit Business?

A

A business that provides services to the community without earning a profit for its owners.

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112
Q

Fill in the blank: A _______ is a business with fewer than five employees.

A

Micro business.

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113
Q

What is the significance of SMEs in the Australian economy?

A

They provide employment for about 7 million people

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114
Q

True or False: The government mandates a National Minimum Wage as part of Fiscal Policy.

A

False

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115
Q

What is the outcome of government intervention on income inequality?

A

Reduced inequality

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116
Q

What was the gross Federal Government Debt at June 2023?

A

$890bn

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117
Q

What do morals refer to?

A

Standards of behaviour, principles of right and wrong.

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118
Q

What do ethics govern?

A

Moral principles that govern a person’s behaviour or the conducting of an activity.

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119
Q

What are laws?

A

A set of legal rules that everyone in a community is expected to obey.

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120
Q

What are rules based on?

A

Established customs that have evolved in a society over time, as well as morals and ethics.

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121
Q

What is the role of laws in society?

A

To allow us to live in peace, set limits on behaviour, and provide punishments for disobedience.

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122
Q

What does Lady Justice symbolize?

A

The law, with her blindfold representing equality before the law, scales for balancing needs, and sword for punishment.

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123
Q

What is justice defined as?

A

The concept of individuals being treated equitably and fairly.

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124
Q

What case is associated with Thomas Kelly?

A

R v Loveridge [2013] NSWSC 1638, involving an unprovoked attack resulting in a public outcry for justice.

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125
Q

What are the two main classifications of law?

A
  • Private (Civil) Law
  • Public Law
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126
Q

What is criminal law?

A

Laws to protect the general public from harm, where offenders are punished.

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127
Q

What does administrative law deal with?

A

Decisions and powers of government departments.

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128
Q

What is constitutional law?

A

Law outlining the powers and authority of the parliament and the rights of citizens.

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129
Q

What does tort law involve?

A

Infringement of rights resulting in distress or injury.

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130
Q

What is family law concerned with?

A

Regulating family relationships, including marriage and custody.

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131
Q

What are the two main branches of civil law?

A
  • Torts
  • Contract Law
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132
Q

What is negligence?

A

Failure to take reasonable care resulting in injury to another person.

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133
Q

What is defamation?

A

Damaging another person’s reputation through false statements.

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134
Q

What is nuisance?

A

Interference with another person’s right to quiet enjoyment of their property.

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135
Q

What does trespass involve?

A

Interference with another person or their property rights.

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136
Q

What is a contract?

A

A legally enforceable agreement between two or more parties.

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137
Q

What elements must be satisfied for a contract to be legally enforceable?

A
  • Offer
  • Acceptance
  • Consideration
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138
Q

What is the Crimes Act 1900 (NSW)?

A

Sets out the majority of criminal offences for the state.

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139
Q

What are summary offences?

A

Less serious offences with penalties ranging from a bond or fine to a jail sentence of up to 2 years.

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140
Q

What are indictable offences?

A

Serious charges tried by a judge and jury, with punishment usually being imprisonment or a large fine.

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141
Q

What does ‘actus reus’ mean?

A

The physical act of committing a crime.

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142
Q

What does ‘mens rea’ mean?

A

The intention to commit a crime.

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143
Q

What is common law?

A

Law developed by judges through court decisions, rather than through statutes.

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144
Q

What is the doctrine of precedent?

A

The rule that established legal principles should be followed in similar cases.

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145
Q

What is common law?

A

Developed by judges through court decisions rather than statutes.

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146
Q

What is the ‘doctrine of precedent’?

A

The rule that legal principles established by a superior court should be followed in similar cases.

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147
Q

What is the body of precedent known as?

A

Common law.

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148
Q

True or False: In a common law system, decisions of superior courts are binding on inferior courts.

A

True.

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149
Q

How can a precedent be created?

A

1) By a judge’s decision when no existing law applies 2) Through statutory interpretation.

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150
Q

What is a judgement that establishes a point of law called?

A

Precedent.

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151
Q

What does ‘stare decisis’ mean?

A

‘To stand by a decision’.

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152
Q

What is ‘ratio decidendi’?

A

The binding part of a court decision that forms the precedent.

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153
Q

What are ‘obiter dicta’?

A

Remarks made by a judge that are not part of the final decision and are not binding.

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154
Q

Fill in the blank: The spiritual basis of ATSI peoples’ customary law is connected to _______.

A

[the land].

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155
Q

What is the significance of the Mabo case?

A

It recognized the traditional rights of Indigenous Australians and overturned the doctrine of terra nullius.

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156
Q

What does ATSI stand for?

A

Aboriginal and Torres Strait Islander.

157
Q

List some features of ATSI law.

A
  • Orally based * Agreement on laws through the group * Based on rituals and traditions * Family and Kinship ties.
158
Q

What type of ownership do ATSI peoples have over land?

A

Collectively owned and considered sacred.

159
Q

What is Circle Sentencing?

A

A culturally appropriate process for mediating and conciliating ATSI offenders.

160
Q

What are some arguments for customary law?

A
  • Active role for citizens in justice * Recognition of tribal punishment * Community understanding of decisions.
161
Q

What are some arguments against customary law?

A
  • Lack of recognition and understanding * Potential conflicts with human rights * Overrepresentation of ATSI in prisons.
162
Q

What is statute law?

A

Laws created by parliament that have the highest status.

163
Q

What are the two houses of the Australian Parliament?

A
  • House of Representatives * Senate.
164
Q

What process must a bill go through to become law?

A

It must pass through both houses of Parliament and receive Royal Assent.

165
Q

True or False: Statute law can be changed by parliament.

A

True.

166
Q

What is the role of a jury in civil trials?

A

To decide on the balance of probabilities whether the defendant is liable.

167
Q

What is the standard of proof in criminal trials?

A

Beyond reasonable doubt.

168
Q

What are some positive arguments for the jury system?

A
  • Reflects society’s values * Independent and impartial decision makers * Reduces bribery opportunities.
169
Q

What is the jury system?

A

A legal system where a group of ordinary citizens makes decisions on legal cases.

170
Q

What is a positive argument for the jury system?

A

Juries are independent and impartial decision makers who are not controlled by the government.

171
Q

Name a negative argument against the jury system.

A

Some people are exempt from serving, leading to a jury that is not a true cross-section of society.

172
Q

What is one purpose of sentencing in courts?

A

Just punishment - the sentence punishes the offender in a manner that the community considers fair.

173
Q

Fill in the blank: The five purposes of sentencing include Just punishment, Deterrence, ______, Denunciation, and Community protection.

A

Rehabilitation

174
Q

What are some forms of punishment that NSW courts can impose?

A
  • Court mandated behaviour change courses
  • Orders to pay compensation to the victim
  • Community-based sentences
  • Compulsory treatment
  • Bans on associating with certain people or attending certain places
175
Q

What is a non-parole period?

A

The minimum prison term an offender must serve before being eligible for parole.

176
Q

True or False: Juries must provide reasons for their decisions.

A

False

177
Q

What is Legal Aid?

A

A state-wide organization providing legal services to socially and economically disadvantaged people.

178
Q

What is a major negative aspect of imprisonment?

A

It does not act as a deterrent and fails to protect society.

179
Q

Fill in the blank: Imprisonment is considered a measure of ______ after all other options are deemed inappropriate.

A

last resort

180
Q

What is the maximum penalty for murder in NSW?

A

Life imprisonment.

181
Q

What is a mandatory sentence in NSW?

A

A sentence set by parliament that a judge must impose for certain offences.

182
Q

What are Intensive Correction Orders (ICOs)?

A

Supervised community sentences with strict conditions, including home detention and community service.

183
Q

What is the role of judges and magistrates in courts?

A

They act as umpires, presiding over cases and issuing rulings and sentences.

184
Q

What is the Coroner’s Court responsible for?

A

Investigating deaths by unnatural causes and suspected arson.

185
Q

What type of cases does the Family Court of Australia handle?

A

Complex family law matters such as divorce and parenting disputes.

186
Q

True or False: The Local Court hears both civil and criminal matters.

A

True

187
Q

What is the role of the prosecution in a criminal trial?

A

To represent the state and conduct the prosecution against the accused.

188
Q

What is the significance of the High Court of Australia?

A

It is the highest court in Australia, deciding issues based on the Constitution and state disputes.

189
Q

What does the term ‘recidivism’ refer to?

A

The act of repeating an undesirable behavior after punishment.

190
Q

What are Conditional Release Orders (CROs)?

A

Orders for lower-level crimes that may include supervision and participation in programs.

191
Q

Who conducts the prosecution in a criminal matter heard in the Local Court?

A

A specially trained police officer known as a Police Prosecutor.

192
Q

What is the definition of a defendant?

A

The accused person.

193
Q

Who typically represents a defendant in most trials?

A
  • A solicitor or barrister
  • Legal Aid
  • Self-representation
194
Q

What is the primary role of a solicitor?

A

Is usually the first person that someone seeking legal advice sees.

195
Q

What does a barrister do in a courtroom?

A

Represents the client in court and constructs and presents arguments.

196
Q

What is Legal Aid?

A

State provided (means tested) legal advice and representation in court.

197
Q

Define capacity in a legal context.

A

The ability of a person to do something.

198
Q

What is the difference between an adult and a minor in legal terms?

A
  • Adult: a person 18 years or over
  • Minor: a person under 18 years of age
199
Q

Why does the law treat children and young people differently from adults?

A
  • To prevent exploitation
  • To protect from consequences of making uninformed decisions
  • To protect others being disadvantaged if dealing with a minor
  • They are a ‘vulnerable’ category
200
Q

What is the focus of the legal system when dealing with young offenders?

A

A combination of welfare and justice with the hope of rehabilitating young people.

201
Q

What is the minimum age of criminal responsibility in Australia?

A

10 years of age.

202
Q

What does the Doli Incapax principle state?

A

Children 10 years and under are incapable of having criminal intent.

203
Q

For children aged 10-14, what must the prosecution prove?

A

Mens rea; that the child was aware that they were doing something wrong.

204
Q

What is the international standard for the age of criminal liability according to the UN Committee on the Rights of the Child?

A

Advocates for an age of criminal liability of 14 or higher.

205
Q

What happens if a child under the age of 10 commits a criminal offence?

A

The matter is dealt with by parents, teachers, and other professionals.

206
Q

What are the options for dealing with young offenders?

A
  • Warnings
  • Formal cautions
  • Youth justice conferencing
  • Children’s Court
207
Q

What is the purpose of the Children’s Court?

A

To hear offences involving children under the age of 18.

208
Q

What is the status of a child’s name in the Children’s Court proceedings?

A

Names of children are suppressed and cannot be reported in the media.

209
Q

What percentage of children and young people in custody in NSW are Aboriginal and Torres Strait Islander?

A

48%.

210
Q

True or False: Children aged 10-13 can be placed in a police cell without any restrictions.

A

False.

211
Q

Fill in the blank: The legal principle that treats children differently due to their presumed incapacity to commit crimes is known as _______.

A

Doli incapax.

212
Q

What does the UN Convention on the Rights of the Child advocate for?

A

Acting in the best interests of the child.

213
Q

What are the four key principles of the UN Convention on the Rights of the Child?

A
  • Every child, everywhere
  • The best interests of the child
  • Survival, development, and protection
  • A voice
214
Q

What is the daily cost of detaining one child or young person in NSW?

A

$1,344.

215
Q

What percentage of young people released from prison reoffend within 12 months?

A

66%.

216
Q

What is the impact of Australia’s low Minimum Age of Criminal Responsibility compared to international averages?

A

It disproportionately impacts Aboriginal and Torres Strait Islander youth.

217
Q

What is international law?

A

International law is concerned with behaviours and actions of persons, companies, or states in cross-border situations.

It sets standards of acceptable behaviour for nations and their citizens.

218
Q

How is international law developed?

A

International law is mainly developed from treaties and conventions between countries.

A treaty is a form of contract between two countries or organizations from different countries.

219
Q

What role does the United Nations play in international law?

A

The UN is responsible for establishing and enforcing international law, including establishing the International Court of Justice.

It also deploys peacekeepers to areas of conflict around the world.

220
Q

What is the Rome Statute?

A

The Rome Statute is an international treaty that governs the International Criminal Court, the world’s first permanent autonomous international criminal court.

It outlines the jurisdiction and functioning of the court.

221
Q

What are the advantages of dispute resolution outside of courts?

A

Advantages include:
* Time efficiency
* Cost savings
* Flexibility
* Confidentiality
* Finality of settlement agreements.

Mediation, for example, can resolve disputes more quickly than trials.

222
Q

What is mediation?

A

Mediation involves parties in a dispute meeting with a neutral third party (mediator) to negotiate an agreement.

It aims for a compromise that both parties feel they achieved.

223
Q

How does conciliation differ from mediation?

A

Conciliation is similar to mediation but involves a more interventionist approach from the conciliator, who offers opinions and views.

It is commonly used in industrial disputes.

224
Q

What is arbitration?

A

Arbitration is a method of resolving disputes where an impartial third party decides on a settlement that is binding on the parties involved.

If parties cannot reach an agreement, the arbitrator makes the decision.

225
Q

What is restorative justice?

A

Restorative justice allows victims and offenders to discuss the situation, often face-to-face, with other community members.

It focuses on healing and understanding rather than punishment.

226
Q

What are warnings in the context of youth offenders?

A

Warnings are issued by police for youth under 18 who commit minor offenses, resulting in no criminal record.

They serve as a preventive measure rather than a punitive one.

227
Q

What is circle sentencing?

A

Circle sentencing is a scheme in New South Wales where a group, including Aboriginal Elders, the victim, and the offender, decide on an appropriate sentence together.

It aims to avoid imprisonment for Aboriginal offenders.

228
Q

What factors create barriers to accessing the law?

A

Barriers include:
* Cost
* Time
* Procedures
* Distance
* Language.

These factors can prevent individuals from exercising their legal rights.

229
Q

What is the significance of legal aid?

A

Legal aid provides assistance to those who cannot afford legal advice and representation, targeting underprivileged members of society.

It plays a crucial role in ensuring access to justice.

230
Q

True or False: Domestic law arises from international treaties.

A

False.

Domestic law is created within one country, while international law arises from treaties between countries.

231
Q

Fill in the blank: The _______ is an international treaty that aims to foster good relationships and avoid conflict among nations.

A

[Charter of the United Nations]

It includes provisions for peaceful dispute resolution.

232
Q

What are the three levels of government in Australia?

A

Federal, State, Local.

233
Q

What document outlines how a country will be governed?

A

Constitution.

234
Q

What powers does Australia’s Constitution outline?

A

Powers of the Federal Parliament and some powers of state parliaments.

235
Q

What act governs local governments in New South Wales?

A

Local Government Act.

236
Q

What responsibilities does the Federal Government have?

A
  • Taxation
  • Education
  • Foreign Affairs
  • Defence
  • Social Security
  • Health
  • Trade
  • Immigration
  • Aboriginal Welfare
237
Q

What responsibilities does the State Government have?

A
  • Health
  • Education
  • Law & Order
  • Roads & Railways
  • Housing
  • Environment Protection
  • Aboriginal Welfare
238
Q

What responsibilities does the Local Government have?

A
  • Town Planning
  • Rubbish Collection
  • Swimming Pools
  • Parks
  • Sewerage
  • Streets & Bridges
  • Libraries
239
Q

How many houses are in the Federal Parliament?

A

Two: the Senate (upper house) and the House of Representatives (lower house).

240
Q

Who is the head of the Federal Government?

A

The Prime Minister.

241
Q

What is the role of the Cabinet in the Federal Government?

A

Makes key government decisions.

242
Q

Who represents the British monarch in Australia?

A

The Governor-General.

243
Q

What is the head of the State Government called?

A

The Premier.

244
Q

What is the role of the Mayor in Local Government?

A

Head of the council.

245
Q

What is the meaning of democracy?

A

Rule by the people.

246
Q

What is the difference between direct democracy and representative democracy?

A

Direct democracy involves citizens voting directly on laws; representative democracy involves citizens electing representatives to make decisions.

247
Q

What was a significant event that pressured for democratic rights in Australia?

A

The Eureka Stockade.

248
Q

What demand arose in the 1880s regarding voting rights?

A

The vote for women.

249
Q

What are cybercrime laws designed to address?

A

Internet offences such as computer hacking, child pornography, terrorism, and copyright infringement.

250
Q

What are the three sections of government in Australia?

A
  • Parliament (legislature)
  • Executive
  • Judiciary (courts)
251
Q

What is communism?

A

A system of government with no private ownership, where the state supplies all needs and wants.

252
Q

What is the difference between a true monarchy and a constitutional monarchy?

A

A true monarchy has a monarch with total power; a constitutional monarchy has limited powers defined by laws.

253
Q

What defines an autocracy?

A

A system where one person or group holds all the power.

254
Q

What occurs during a state of anarchy?

A

The system of government has broken down and laws are not enforced.

255
Q

What is socialism?

A

A system where the community owns main economic resources and prioritizes social welfare.

256
Q

What are the four principles of the Australian Greens party?

A
  • Ecological sustainability
  • Social and economic justice
  • Peace
  • Nonviolence
257
Q

What is the main aim of the Australian Labor Party?

A
  • Ensure wealth and power are shared more evenly
  • Provide jobs for everyone
  • Abolish poverty
  • Improve living standards
258
Q

What is the aim of the Liberal Party of Australia?

A
  • Minimize government interference
  • Encourage private business
  • Maintain law and justice
259
Q

What is the role of political parties in Australia?

A

Get candidates elected to Parliament to influence government decisions.

260
Q

What is a key aim of the Australian Greens?

A

Protect and preserve the environment.

Aims include ensuring fairness and creating a harmonious world.

261
Q

Who is the leader of the Australian Greens?

A

Adam Bandt.

He is the current leader of the party.

262
Q

What is a pressure group?

A

A group that joins together to influence government decisions on a common issue.

They often use various strategies to publicize their cause.

263
Q

Name three strategies used by pressure groups.

A
  • Protest marches
  • Letter and email writing campaigns
  • Meetings with politicians (lobbying)

These methods aim to influence government decisions.

264
Q

What is compulsory for all Australian citizens aged over 18?

A

Voting in federal, state, and local elections.

Citizens must also register on the electoral roll.

265
Q

What are the three methods of voting in Australia?

A
  • First Past the Post
  • Preferential
  • Proportional representation/optional preferential

These systems have different processes and implications for electoral outcomes.

266
Q

Describe the First Past the Post voting method.

A

Voters place a number 1 next to their preferred candidate, and the candidate with the most votes wins.

This method can lead to a winner supported by a minority.

267
Q

Explain how Preferential Voting works.

A

Voters rank candidates in order of preference, and candidates must receive an absolute majority to win.

This system allows for preferences to be counted if no candidate achieves a majority.

268
Q

What is required for a candidate to win in the House of Representatives under Preferential Voting?

A

An absolute majority - half of the formal votes plus one.

This ensures that the winning candidate has broader support.

269
Q

What is the purpose of the Senate voting system?

A

To achieve proportional representation and allow for optional preferential voting.

This system is designed to reflect the diversity of voter preferences.

270
Q

What happens when there is a hung parliament?

A

Neither major party can form a government on their own, leading to negotiations with minor party representatives or independents.

This situation requires compromise to form a government.

271
Q

What is the role of the Governor-General in the Australian government?

A

To sign bills into law and perform other ceremonial duties.

The Governor-General’s role is largely procedural.

272
Q

What is Cabinet solidarity?

A

The principle that all Cabinet members must support the final decision made by Cabinet, regardless of personal opinion.

This ensures a unified front in government.

273
Q

What is the difference between backbenchers and frontbenchers in the House of Representatives?

A

Backbenchers are less experienced members who occupy the back seats, while frontbenchers are senior members with allocated portfolios who sit in the front rows.

Frontbenchers often have more influence on policy decisions.

274
Q

What is the significance of the double majority in referendums?

A

More than 50% of all voters must vote yes, and there must be a majority in at least 4 out of 6 states.

This rule protects the interests of smaller states in Australia.

275
Q

True or False: Voting is optional in Australia for citizens over 18.

A

False.

Voting is compulsory for all Australian citizens aged over 18.

276
Q

Fill in the blank: The _______ is charged with the responsibility of running the country.

A

Government.

This includes developing and implementing policies.

277
Q

What are the two main types of political action?

A
  • Indirect Political Action
  • Direct Political Action

These actions can overlap and aim to influence decision-making.

278
Q

What is non-violent direct action?

A

Civil resistance that uses non-violent methods to bring attention to issues.

Examples include marches, demonstrations, and peaceful protests.

279
Q

What is an example of violent direct action?

A

Rioting.

Violent direct action involves physical force against individuals or property.

280
Q

What is the process for changing the Constitution in Australia?

A
  • Approval by both Houses of Federal Parliament
  • Referendum within 6 months
  • Majority of voters and majority in at least 4 states

This process is designed to ensure broad support for constitutional changes.

281
Q

Since 1901, how many referendums have proposed changes to the Constitution?

A

19 referendums proposing 44 changes.

Only 8 changes have been successfully agreed upon.

282
Q

What does the Constitution protect?

A

The interests of the smaller states.

This is to prevent larger states from out-voting smaller states.

283
Q

What is a double majority?

A

A requirement for a referendum to pass, needing majority support from both the population and majority of states.

Without this, larger states could dominate decision-making.

284
Q

How many referendums have proposed changes to the Australian Constitution since 1901?

A

19 referendums proposing 44 changes.

Only 8 changes have been agreed to.

285
Q

What are the three different sections of government in Australia?

A

Parliament, Executive, Judiciary.

Each section has distinct functions.

286
Q

What is the role of the Legislative arm?

A

To make laws.

This includes the Parliament, which consists of two houses.

287
Q

Who exercises executive power in Australia?

A

The Governor-General and government ministers.

Ministers are responsible for specific government areas.

288
Q

What does the Judicial arm do?

A

Enforces the law and settles disputes.

Judges maintain independence from the executive.

289
Q

What is the purpose of the separation of powers?

A

To provide a system of checks and balances on government power.

Ensures that no single entity holds all power.

290
Q

What is the Federal Government responsible for?

A
  • Taxation
  • Education
  • Foreign Affairs
  • Defence
  • Social Security
  • Health
  • Trade
  • Immigration
  • Aboriginal Welfare

These powers are outlined in the Constitution.

291
Q

What are the responsibilities of State Government?

A
  • Health
  • Education
  • Law & Order
  • Roads & Railways
  • Housing

State governments also handle environmental protection.

292
Q

What do Local Governments manage?

A
  • Town Planning
  • Rubbish Collection
  • Parks
  • Libraries
  • Swimming Pools
  • Sewerage
  • Streets & Bridges

They focus on local community needs.

293
Q

What is a Constitution?

A

A document that outlines how an organization or country will be governed.

Australia’s Constitution specifies the powers of Federal and State parliaments.

294
Q

What was the Eureka Stockade?

A

A pivotal event in 1854 where miners protested for democratic rights.

It led to significant political reforms in Australia.

295
Q

What is the significance of women’s suffrage in Australia?

A

The right to vote for women was achieved in 1902, following long campaigns.

The first law was passed in South Australia in 1894.

296
Q

What are cybercrime laws designed to address?

A

Internet offences such as hacking, child pornography, and terrorism.

These laws require ISPs to retain user data for law enforcement.

297
Q

What does democracy mean?

A

Rule by the people.

Originates from the Greek words ‘demos’ (the people) and ‘kratos’ (to rule).

298
Q

What is representative democracy?

A

A system where citizens elect representatives to make decisions on their behalf.

This contrasts with direct democracy.

299
Q

What is the Westminster system?

A

A political system with a head of state and head of government as separate entities.

It includes a bicameral parliament.

300
Q

What is communism?

A

A system of government with no private ownership, where the state owns all means of production.

Based on theories of Karl Marx and Friedrich Engels.

301
Q

What is a monarchy?

A

A system of government where a monarch has supreme power.

This can vary from absolute to constitutional monarchy.

302
Q

What is a defining characteristic of communism?

A

No private ownership; all resources owned by the government.

Communism aims to meet the needs and wants of citizens through state ownership.

303
Q

What major change occurred in former communist countries since the early 1990s?

A

Dramatic changes in political and economic systems.

Countries in the USSR and Eastern Europe shifted away from strict communist rule.

304
Q

What distinguishes a true monarchy from a constitutional monarchy?

A

True monarchy has total supreme power; constitutional monarchy has limited powers by law.

Examples of true monarchies include Oman and Kuwait.

305
Q

Define autocracy.

A

A system where one person or group holds all power, often authoritarian.

Autocracies are typically oppressive regimes.

306
Q

What is anarchy?

A

A state where government has broken down and laws are not enforced.

Anarchy often occurs during civil wars, such as in Syria.

307
Q

What is socialism?

A

A system where ownership of economic resources is in the hands of the community.

Socialism prioritizes social welfare and income equality.

308
Q

What are the key features of fascism?

A

Strong centralized power, no opposition, aggressive nationalism, and anti-communism.

Adolf Hitler’s regime is a historical example of fascism.

309
Q

What is the primary role of political parties?

A

To get candidates elected to influence government decisions.

Political parties unite individuals with shared views on issues.

310
Q

What are the aims of the Australian Labor Party (ALP)?

A
  • Ensure wealth and power are fairly shared
  • Provide jobs for all
  • Abolish poverty
  • Improve living standards
  • Ensure access to education, housing, and services

The ALP is led by Anthony Albanese.

311
Q

What does the Liberal Party of Australia promote?

A
  • Absolute rights
  • Freedom of all people
  • A lean government with minimal interference
  • Support for private businesses

The Liberal Party has governed Australia for a significant portion of its history.

312
Q

What are the founding principles of the National Party of Australia?

A
  • Ecological sustainability
  • Social and economic justice
  • Peace
  • Nonviolence

The National Party mainly represents rural and regional Australians.

313
Q

What strategies do pressure groups use to influence government decisions?

A
  • Protest marches
  • Letter writing campaigns
  • Media events
  • Lobbying politicians
  • Recommendations to government
  • Online community engagement
  • Running for election

Pressure groups aim to raise awareness and influence policy.

314
Q

What are the responsibilities of citizens in a democratic process?

A
  • Register on the electoral roll
  • Vote in elections
  • Pay taxes
  • Obey laws
  • Serve on a jury
  • Defend the country during war

These responsibilities ensure active participation in democracy.

315
Q

What voting method is used in Australia that allows voters to express preferences?

A

Preferential voting.

Voters rank candidates in order of preference.

316
Q

What is the purpose of the House of Representatives in Australian politics?

A

To elect representatives who make laws and govern the country.

The House is involved in forming the government based on majority.

317
Q

What is cabinet solidarity?

A

The principle that cabinet members must support decisions made by the cabinet.

This ensures a unified front for government policies.

318
Q

What is a hung parliament?

A

A situation where neither major party can form a government on its own.

Minor parties or independents often play a crucial role in deciding government formation.

319
Q

What is the role of the Prime Minister in Australian politics?

A

To set the policy agenda and lead the government.

The Prime Minister has significant decision-making power, often influencing cabinet discussions.

320
Q

Describe the process of policy development in the Australian government.

A
  • Review existing practices
  • Invite submissions from the public
  • Make recommendations based on the review

This process allows for public input in shaping government policy.

321
Q

What is the difference between backbenchers and frontbenchers in the House of Representatives?

A

Backbenchers are less experienced and occupy the back seats; frontbenchers are senior members with significant influence.

Frontbenchers include cabinet members responsible for specific portfolios.

322
Q

What is the primary responsibility of education provision in Australia?

A

State government responsibility since federation.

323
Q

Since when has the Commonwealth government provided additional funding to schools?

A

Since the 1960s.

324
Q

What are the two main types of Political Action?

A
  • Indirect Political Action
  • Direct Political Action
325
Q

What is the purpose of Political Action?

A

To influence the legislature and decision-making process.

326
Q

What are some forms of Direct Political Action?

A
  • Non-violent
  • Violent
327
Q

What is Civil Resistance?

A

The use of non-violence to highlight a troubling issue.

328
Q

List some forms of non-violent Direct Action.

A
  • Marches
  • Demonstrations
  • Boycotts
  • Silent vigils
  • Petitions
  • Peaceful street protest
  • Strikes
  • Picketing
329
Q

What constitutes Violent Direct Action?

A

Any action that uses physical injurious force against persons or property.

330
Q

Provide examples of Violent Direct Action.

A
  • Rioting
  • Terrorism
  • Political Assassination
331
Q

What is a pressure group?

A

A group that tries to influence public policy for a particular cause.

332
Q

What are some strategies used by pressure groups?

A
  • Protest marches
  • Letter and email campaigns
  • Media events
  • Lobbying politicians
  • Recommendations to government
  • Social media campaigns
  • Standing for election
333
Q

What is the process for changing the Australian Constitution?

A
  • Approval by both Houses of Federal Parliament
  • Vote in a referendum within 6 months
  • Majority of voters must vote ‘yes’
334
Q

What is required for a referendum to pass in Australia?

A
  • More than 50% of all voters must vote yes
  • Majority in at least 4 of the 6 states (double majority)
335
Q

What is the ‘double majority’ requirement?

A

Majority of votes and majority in at least 4 out of 6 states.

336
Q

True or False: Since 1901, only 8 out of 44 proposed constitutional changes have been agreed to.

A

True.

337
Q

How many sections are there in the Australian government?

A

Three.

338
Q

What are the three sections of government in Australia?

A
  • Legislature (Parliament)
  • Executive
  • Judiciary (Courts)
339
Q

What is the legislative arm responsible for?

A

Making laws.

340
Q

Who exercises executive power in Australia?

A

Government ministers.

341
Q

What is the role of the Judicial arm?

A

Enforcing the law and settling legal disputes.

342
Q

What safeguards does the Westminster system provide?

A

Separation of Powers.

343
Q

What does the separation of powers ensure?

A

No one person or organization has all the power.

344
Q

What is the division of powers in Australia?

A
  • Federal Government: National issues
  • State Government: Local issues
  • Local Government: Community needs
345
Q

What is investment?

A

Money spent to gain a profitable return.

Investment can involve various forms such as new machinery, technologies, and workforce development.

346
Q

List reasons why businesses invest.

A
  • New machinery
  • Technologies
  • Factories
  • Product initiatives
  • People (entrepreneurs)
  • Other firms
  • Their own workforces

Investments aim to increase profit levels.

347
Q

Why do individuals invest their savings?

A
  • Desire for extra income
  • Future security
  • Major purchases
  • Funding holidays or education
  • Comfortable retirement

Goals may be short term, medium term, or long term.

348
Q

What is financing in the context of investing?

A

How an investment will be paid for.

Investors can use savings or borrow money to finance their investments.

349
Q

What is superannuation?

A

Savings for retirement

Compulsory Superannuation was introduced in Australia in the early 1990s.

350
Q

What is the current superannuation contribution rate in Australia?

A

11.5%

This rate is legislated to increase to 12% in 2025.

351
Q

What is a mortgage?

A

Loan used to finance property purchase.

Most homeowners first finance their property purchase through a mortgage.

352
Q

True or False: A fixed interest rate loan can usually be paid off before the set date without penalties.

A

False.

Fixed interest loans typically incur penalty fees if paid off early.

353
Q

What are some advantages of using savings to finance investments?

A
  • Less risky
  • Can increase with wage growth
  • Superannuation is employer-provided

Forced savings through superannuation can benefit individuals.

354
Q

What are some disadvantages of borrowing money to finance investments?

A
  • Fees for missed repayments
  • Potential increase in interest rates
  • Risky if job loss occurs

Borrowing can lead to financial strain if not managed properly.

355
Q

What factors should be considered when making investment decisions?

A
  • Amount to invest
  • Term of investment
  • Investment goals
  • Risk
  • Return
  • Costs and charges
  • Liquidity
  • State of the economy
  • Type of investment option

These considerations help in formulating an effective investment strategy.

356
Q

What does ‘return’ refer to in investing?

A

Financial benefit for allowing use of money.

Investors expect a return when they invest their money.

357
Q

What does ‘risk’ refer to in investing?

A

Uncertainty of investment returns.

Risk depends on factors like investor confidence and market changes.

358
Q

What are cash management accounts?

A

Accounts allowing withdrawals and deposits anytime.

They typically require a substantial minimum balance.

359
Q

What is the main disadvantage of term deposits?

A

Cannot withdraw or add to deposit during the term.

Higher interest rates are offered in exchange for restricted access.

360
Q

What is a share?

A

Part ownership in a company.

Shareholders have rights to a share of the profit (dividends).

361
Q

List some factors influencing a stock’s price.

A
  • Economic growth
  • Company performance
  • Global conflicts
  • Oil prices

Both internal and external factors affect stock prices.

362
Q

What is diversification in investing?

A

Spreading investments across various assets.

This strategy reduces risk by not putting all ‘eggs’ in one basket.

363
Q

What types of properties do Australians commonly invest in?

A
  • Residential properties
  • Commercial properties

Capital growth in property investment has been stable.

364
Q

What is a debenture?

A

.Long-term loan issued by a company

It is repaid over time at a fixed interest rate.

365
Q

What is the main difference between debentures and unsecured notes?

A

Unsecured notes are not secured against business assets.

They carry a higher risk and typically offer higher interest rates.

366
Q

What are cryptocurrencies?

A

Digital finances traded in the virtual world.

Bitcoin is a well-known example with capped production.

367
Q

What is ethical investing?

A

Investing in companies aligned with personal beliefs and values.

It often involves negative and positive screening.

368
Q

What is negative screening in ethical investing?

A

Avoiding investment in certain types of firms.

Examples include companies producing tobacco or alcohol.

369
Q

What is positive screening in ethical investing?

A

Investing in firms involved in desirable activities.

Examples include renewable energy companies.

370
Q

What is investment?

A

Money spent to gain a profitable return.

Investment can involve various forms such as new machinery, technologies, and workforce development.

371
Q

List reasons why businesses invest.

A
  • New machinery
  • Technologies
  • Factories
  • Product initiatives
  • People (entrepreneurs)
  • Other firms
  • Their own workforces

Investments aim to increase profit levels.

372
Q

Why do individuals invest their savings?

A
  • Desire for extra income
  • Future security
  • Major purchases
  • Funding holidays or education
  • Comfortable retirement

Goals may be short term, medium term, or long term.

373
Q

What is financing in the context of investing?

A

How an investment will be paid for.

Investors can use savings or borrow money to finance their investments.

374
Q

What is a mortgage?

A

Loan used to finance property purchase

Most homeowners first finance their property purchase through a mortgage.

375
Q

True or False: A fixed interest rate loan can usually be paid off before the set date without penalties.

A

False

Fixed interest loans typically incur penalty fees if paid off early.

376
Q

What are some advantages of using savings to finance investments?

A
  • Less risky
  • Can increase with wage growth
  • Superannuation is employer-provided

Forced savings through superannuation can benefit individuals.

377
Q

What are some disadvantages of borrowing money to finance investments?

A
  • Fees for missed repayments
  • Potential increase in interest rates
  • Risky if job loss occurs

Borrowing can lead to financial strain if not managed properly.

378
Q

What factors should be considered when making investment decisions?

A
  • Amount to invest
  • Term of investment
  • Investment goals
  • Risk
  • Return
  • Costs and charges
  • Liquidity
  • State of the economy
  • Type of investment option

These considerations help in formulating an effective investment strategy.

379
Q

What does ‘return’ refer to in investing?

A

Financial benefit for allowing use of money.

Investors expect a return when they invest their money.

380
Q

What does ‘risk’ refer to in investing?

A

Uncertainty of investment returns.

Risk depends on factors like investor confidence and market changes.

381
Q

What are cash management accounts?

A

Accounts allowing withdrawals and deposits anytime.

They typically require a substantial minimum balance.

382
Q

What is the main disadvantage of term deposits?

A

Cannot withdraw or add to deposit during the term.

Higher interest rates are offered in exchange for restricted access.

383
Q

List some factors influencing a stock’s price.

A
  • Economic growth
  • Company performance
  • Global conflicts
  • Oil prices

Both internal and external factors affect stock prices.

384
Q

What are managed funds?

A

Pooled money from multiple investors managed by professionals

They invest in assets like property, shares, or bonds.

385
Q

What is the main difference between debentures and unsecured notes?

A

Unsecured notes are not secured against business assets.

They carry a higher risk and typically offer higher interest rates.

386
Q

What are cryptocurrencies?

A

Digital finances traded in the virtual world

Bitcoin is a well-known example with capped production.

387
Q

What is ethical investing?

A

Investing in companies aligned with personal beliefs and values.

It often involves negative and positive screening.

388
Q

What is negative screening in ethical investing?

A

Avoiding investment in certain types of firms.

Examples include companies producing tobacco or alcohol.

389
Q

What is positive screening in ethical investing?

A

Investing in firms involved in desirable activities.

Examples include renewable energy companies.

Revision (2 decks)

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