Commerce - S1

Question 1

Opportunity Cost

Answer 1

Is the value of the next best alternative use of resources. What you lose when you chose something else

Question 2

Relative Scarcity

Answer 2

When a particular resource (Labour, Capital, Natural) is in short supply in one or more areas when compared to the demand of it

Question 3

Needs

Answer 3

Goods or services that are necessary for survival

Question 4

Wants

Answer 4

Goods or services to improve quality of life

Question 5

Labour Resource

Answer 5

A resource in the form of someone doing something, providing a service. Examples- Bricklayer, Chef, Store Manager

Question 6

Capital Resource

Answer 6

Something that is manufactured to produce/transport goods and services for purchase. Examples- Machinery, building, roads

Question 7

Natural Resource

Answer 7

Resource that comes from nature. Examples- Tree, coal, metals

Question 8

Traditional/Subsistence Economy

Answer 8

An economic system in which people produce enough for their own survival. Money isn’t used

Question 9

Free Market Economy

Answer 9

economic system, private individuals exchange g+s with consumers in a free market, they keep the profit.

Question 10

Planned Economy

Answer 10

All productive resources are owned by the government on behalf of the people. No private enterprise in system. Government determines the what, how and whom in production.

Question 11

Planned Economy

Answer 11

All productive resources are owned by the government on behalf of the people. No private enterprise in system. Government determines the what, how and whom in production.

Question 12

Mixed Economy

Answer 12

An economic system in which resources are owned by both private enterprises and government. What, whom and how of production determined by both

Question 13

Consumers

Answer 13

Buys goods and services
Pays Taxes
Earns Wages

Question 14

Producers

Answer 14

Produce goods and services
Goal to make profit
Pays Wages/Taxes

Question 15

Government

Answer 15

Chargers taxes
Pays wages
Spends on goods and services

Question 16

Financial Institutions

Answer 16

Hold Savings
Lends money
Goal to make profit

Question 17

Concept of Production?

Answer 17

The process of making or selling goods or services to satisfy human needs

Question 18

Free Enterprise

Answer 18

An economic system in which private businesses operate for more profit with mostly no government control

Question 19

Entrepreneurship

Answer 19

The act of setting up a business in search of profit

Question 20

Reasons for decline of Aus car industry

Answer 20

Pressure from imports
Production of cars in high volumes didn’t meet demands
Increased competition from overseas

Question 21

Commodity

Answer 21

Is a natural resource such as oil, coal and copper

Question 22

Representative Democracy

Answer 22

A political system based on citizens voting to elect representatives

Question 23

Liberal Democracy

Answer 23

A form of government in which authority is vested in the citizens

Question 24

Parliamentary Democracy

Answer 24

System of government in which people elect representatives to a parliament to make laws.

Question 25

Candidate

Answer 25

A independent member or member of a political party who run for office in an election

Question 26

Liberal Party

Answer 26

Policies include-
More power given to individuals and businesses to make their own choices to then succeed
Strives for less government control (allow for people to have more freedom deciding on issues)

Question 27

Labor Party

Answer 27

Policies-
Believes that the government should play a strong national role (To lead country and it’s people to strive)
Pushing for a fairer Australia for all workers (higher and more equal pay, financial support etc)

Question 28

National Party

Answer 28

Policies-
Wants to represent those who are “Australian” and that live in regional areas of Australia in parliament
Believes in strong local communities

Question 29

Governor-General

Answer 29

Represents the Queen in the Australian Parliament
Commander-in-Chief of Aus Defence Force
Australian head of state
Has constitutional and ceremonial duties

Question 30

Political Activist

Answer 30

Someone who opposes the ways of the current actions of the government, acts for change

Question 31

Freedom of Movement

Answer 31

Allows someone to travel anywhere anytime

Question 32

Right to a fair trial

Answer 32

Allows someone to be held at a trial rather than to be sent straight to jail

Question 33

Freedom of Election

Answer 33

Allows someone to run as a candidate in an election

Question 34

Freedom from Arbitrary Arrest

Answer 34

Allows someone to not be arrested for nothing (all black people)

Question 35

Freedom of speech

Answer 35

Allows someone to openly flame the government

Question 36

Freedom of Assembly

Answer 36

Allows someone to freely meet with a group

Question 37

Freedom of religion

Answer 37

Allows someone to believe in what they want

Question 38

Freedom of Election (different)

Answer 38

Allows someone to vote when 18

Question 39

Independent Member of Parliament

Answer 39

They are not able to form a government, however they play a powerful and important role in parliament, especially when a major party needs their vote to pass laws.