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y10 sem2 exams > commerce exam flashcards > Flashcards

commerce exam flashcards

1
Q

define economics.

A

the study of how individuals and groups make decisions about our limited resources in order to satisfy out needs + wants.

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2
Q

what is a need? provide an example.

A

needs are necessary for survival. eg. water, food, shelter.

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3
Q

what is a want? provide an example.

A

non-essential items that enhance our standard of living. eg. phones, games, toys

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4
Q

define scarcity.

A

economic problem in which there is not enough resources to satisfy our unlimited wants.

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5
Q

define oppurtunity cost.

A

the lost alternative in a decision. because there is limited resources, choices must be made.

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6
Q

what are the three economic questions?

A
  1. what to produce?
  2. how to produce?
  3. for whom to produce?
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7
Q

what are natural resources? provide an example.

A

natural resources that come from the earth. for example, forests, water, minerals.

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8
Q

what are capital resources? provide an example.

A

man-made machinery and equipment to assist labour resources. for example, a whiteboard, a hammer, a fence.

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9
Q

what are labour resrouces? provide an example.

A

human work effort. for example, teachers, builders, students.

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10
Q

what are enterprise resources? provide an example.

A

using initiative, drive and personal goals to start and maintain a business. for example, bill gates.

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11
Q

what is a good?

A

a physical, tangible item.

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12
Q

what is a service?

A

an activity completed by a person or service in exchange for money.

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13
Q

define price mechanism.

A

where producer supply and consumer demand interact in the market to determine equilibrium price.

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14
Q

define equilibrium.

A

producer supply = consumer demand

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15
Q

what is the law of demand?

A

as the price rises, the amount demanded will decrease because less consumers will be willing to pay the price.

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16
Q

what are some factors that influence demand (other than price) ?

A
  • price of substitutes
  • advertising
  • positive/negative publicity
  • consumer trends
  • preferences
  • income levels
  • expectations
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17
Q

what is the law of supply?

A

when prices increase, producers will be willing to supply more. when prices decrease, producers will be less willing to supply.

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18
Q

what are some factors that influence supply (other than price) ?

A
  • availability of resources
  • cost of raw materials
  • efficiency of production
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19
Q

what is a non-legal rule?

A

a rule that applies to a group or organisation, but not society as a whole. for example, school uniforms.

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20
Q

what is a legal rule?

A

a rule that applies to all members of society. this includes criminal and civil law.

21
Q

what are the principles of our legal system?

A
  • equality before the law
  • individual rights
  • courts must be independent + impartial
22
Q

what are some individual rights in our legal system?

A
  • individuals being questioned by police have the right to remain silent.
  • right to be warned that anything done/said may be used against them in court.
  • right to an interpreter if individual does not understand english.
  • individuals under 18 have the right to parent/guardian present during questioning.
23
Q

what is criminal law?

A

criminal law is concerned with cases in which a person has committed an offence against the well-being of the community.
- the state (treason)
- a person (murder/assault)
- property (theft/damage)
- public order (traffic offences/abusive language)

24
Q

define summary offence.

A

less serious offence.

25
Q

define indictable offence.

A

more serious offence.

26
Q

what is civil law?

A

concerned with cases in which there is a dispute between two private individuals.
- negligence (failure to take adequate care)
- nuisance (obstruction, inconvenience, damage to property)
- defamation (harming person’s reputation)
- trespass (entering property/handling possessions without permission)

27
Q

what is the magistrate’s court for?

A

criminal: minor criminal offences such as traffic offences.
civil: up to $100,000 in damages.
branches of the magistrate’s court:
- coroner’s court
- koori court
- children’s court

28
Q

age of usage at the children’s court

A

defendant aged between 10 and 17 when crime is committed, and under 19 on trial date.

29
Q

what is the county court used for?

A

criminal: more serious offences are looked at here.
civil: unlimited amount in damages over $100,000.

30
Q

what is the supreme court used for?

A

criminal: most serious criminal offences are looked at here.
civil: unlimited amount in damages over $100,000 and complex civil cases.

31
Q

what is the high court used for?

A

constitutional matters.

32
Q

what is the judge/magistrate’s role in the legal system?

A
  • determines the facts of the case when no jury present.
  • applies the law to the facts
  • determines the outcome once a decision of guilt/innocence or liability has been made.
33
Q

what is the jury’s role in the legal system?

A
  • used for all serious criminal offences heard in the county/supreme court when defendant pleads not guilty.
  • decides if defendant is guilty/innocent beyond reasonable doubt.
  • not used in all civil cases, but can be requested consisting of six people.
34
Q

what is the prosecutor’s role in the legal system?

A
  • responsible for presenting a case in which an alleged offender has committed an offence.
35
Q

what is the defendant’s role in the legal system?

A
  • a person against whom either a criminal or civil matter is taken to court.
36
Q

what is the defence’s role in the legal system?

A
  • the person who represents the accused in court.
37
Q

what is the barrister’s role in the legal system?

A
  • legal advocate who is briefed by a solicitor to present the defence/prosecution case in court.
38
Q

what is the plaintiff’s role in the legal system?

A
  • the person who brings a civil action to court.
39
Q

define democracy.

A

democracy is the power of citizens living within a city/state. voting in an election is one way that citizens can hold power.

40
Q

define constitution.

A

a set of rules/guidelines that establishes law-making powers of a country.

41
Q

what is a constitutional monarchy?

A

australia is a constitutional monarchy, meaning the queen (or now, king) is head of state, and the government holds power.

42
Q

what is the crown?

A

governer general who represents the queen (or now, king). the governer general:
- appoints session times in parliament
- acts as commander in chief of defence force
- approves election dates

43
Q

what is a preferential voting system?

A

a system of voting in which the voter indicates order of preference for candidates in an election.

44
Q

compulsory voting

A

it is compulsory for all eligible australian citizens to enrol + vote in federal elections, by-elections, and referendums.

45
Q

what is the role of the local government?

A

collects taxes from local property owners + receives grants from higher government.

46
Q

what is the role of the state government?

A

collects taxes, recieves over half of money from federal.

47
Q

what is the role of the federal government?

A

collects taxes on income, goods + service, company profits, to spend on national matters.

48
Q

what is the house of representatives?

A

group of 151 members who decide on matters of national interest. (green)

49
Q

what is the senate?

A

group of 76 members who decide on matters of national and international interest. (red)

y10 sem2 exams (5 decks)

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