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Exam Revision S1 > Commerce Exam > Flashcards

Commerce Exam Flashcards

1
Q

Economy

A

A system of the sale, production, distribution and consumption of goods and services by people and groups

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2
Q

Opportunity cost

A

The value of the next best alternative use of resources

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3
Q

Profit

A

money business earns - expenses

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4
Q

Revenue

A

This income a business receives from sales

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5
Q

Exchange rate

A

The amount of one currency that can be exchanged for another

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6
Q

Injection

A

Money that enters the economy

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7
Q

Leakage

A

Money that leaves the economy

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8
Q

Globalisation

A

The interconnectedness of countries around the world

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9
Q

Commodities

A

Raw materials that can be bought or sold

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10
Q

Economies of scale

A

Savings in costs resulting from higher levels of production

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11
Q

Import

A

Resources from a country into Australia

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12
Q

Export

A

Resources from Australia to another country

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13
Q

Natural resource

A

Come from nature
- coal
- fish
- wood

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14
Q

Labour resource

A

Physical skills of workers that are needed to sell goods and services
- store manager
- bricklayer
- nurse

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15
Q

Capital resource

A

Manufactured resources used to produce and transport goods and services
- machinery
- buildings
- trucks

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16
Q

Problem of scarcity

A

Not enough resources for all the needs and wants of society. Use opportunity to decide the best option for each resource

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17
Q

3 economic questions

A

What to produce?
How to produce?
For whom to produce?

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18
Q

Communism

A

Pure planned economy

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19
Q

Pure competition

A

Pure free market

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20
Q

Subsistence economy

A

Producers self sufficient, no money, use methods like hunting and farming
e.g. Alaska, Greenland

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21
Q

Market economy

A

Exchange goods and services, no government involvement, producers decide what to produce
e.g. Australia, Japan

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22
Q

Planned economy

A

Government owns resources and makes decisions, no private enterprise
e.g. North Korea, China

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23
Q

Mixed economy

A

Mix of planned and market economy, government and private enterprise
e.g. most countries a mix, some more one than the other

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24
Q

Consumers

A
  • buys goods and services
  • earn wages
  • pay taxes
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25
Q

Producers

A
  • produce goods and services
  • aim to make a profit
  • pay taxes
26
Q

Government

A
  • charge taxes
  • pay wages
  • provide benefits and services
27
Q

Financial services

A
  • hold savings
  • lend money
  • pay taxes
28
Q

Overseas sector

A
  • trade with countries
  • import to and export from Australia
29
Q

Expenditure

A

Expenses, spending money

30
Q

Circular flow model

A
  • Shows the relationship between consumers and producers
  • shows how all sectors are important
31
Q

Leakages in circular flow model

A
  • saving
  • taxation
  • imports
32
Q

Injections in circular flow model

A
  • investments
  • government spending
  • exports
33
Q

How Australia is linked to global economy

A
  • trade
  • labour
  • technology
34
Q

Why trade is important to Australia

A
  • earn money from exports
  • provides employment for Australians
  • Australia can charge more for exports
  • allows people to buy resources cheaper
35
Q

Interest

A

the amount of money a person has to pay in addition to the original amount
- interest rate usually measures as a %

36
Q

Principle

A

Money that was originally invested or loaned

37
Q

Scam

A

A scheme that is deliberately dishonest

38
Q

Why save money?

A
  • to earn more
  • to spend less
39
Q

Setting a saving goal

A
  1. What do you want
  2. How much money you can put aside weekly
  3. How long it will take to reach your goal
40
Q

Simple interest

A

Calculated on the principal of a loan

41
Q

Compound interest

A

Calculated on the principal amount and the accumulated interest in previous periods

42
Q

Good dept vs Bad dept

A

Good: making a loan for a purchase that will provide income or increase in value
Bad: making a loan for a purchase that will not provide interest or decrease in value

43
Q

Fixed expenses

A

Predictable, know when you have to pay
- rent

44
Q

Dept expenses

A

Money you owe or have to repay
- credit card payments

45
Q

Unexpected expenses

A

Fall outside the categories of regular bills
- medical bills

46
Q

Investment risk

A

The likelihood of of losing money in an investment scheme

47
Q

Investor

A

Buys shares and invests in companies

48
Q

Stockbroker

A

In between investor and share seller, help with exchange of shares

49
Q

Types of scams

A

Charity, psychic (will cause trouble), romance, pushing emails (sounds like a bank), phone calls, Covid-19, impersonation

50
Q

How to protect yourself from scams

A
  • don’t click hyperlinks
  • don’t respond
  • don’t give strangers access to your computer
  • use a source to verify if the contact is legit
51
Q

Enterprising

A

Demonstrates initiative and willingness to undertake projects

52
Q

Soft skills

A

Personal qualities that help a worker
- communication, teamwork skills

53
Q

Hard skills

A

Learnable and teachable skills specific to the job
- computer skills, cooking skills

54
Q

Modern award

A

Legal agreement on minimum wage and conditions

55
Q

Enterprise agreement

A

Agreement made between employer and employee about wages and conditions

56
Q

Fair work commission

A

Australia’s regulations of wages and work conditions

57
Q

Unfair dismissal

A

A harsh, unjust or unreasonable reason for a worker’s dismissal

58
Q

How covid changed workplaces

A
  • working remotely
  • increased awareness of physical and mental health
  • social interactive environment
  • benefits of flexibility and convenience
59
Q

What does the fair work commission use?

A

The better off overall test

60
Q

How to determine if there has been discrimination

A
  • person is disadvantaged
  • resulted in action being taken
61
Q

How to determine if bullying has occured

A
  • person behaved unreasonably to worker
  • bullying repeatedly
  • results in a health or safety risk
62
Q

Reasons for summary dismissal

A
  • theft
  • fraud
  • violence

Exam Revision S1 (2 decks)

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