Commerce - S1 Flashcards
Opportunity Cost
Is the value of the next best alternative use of resources. What you lose when you chose something else
Relative Scarcity
When a particular resource (Labour, Capital, Natural) is in short supply in one or more areas when compared to the demand of it
Needs
Goods or services that are necessary for survival
Wants
Goods or services to improve quality of life
Labour Resource
A resource in the form of someone doing something, providing a service. Examples- Bricklayer, Chef, Store Manager
Capital Resource
Something that is manufactured to produce/transport goods and services for purchase. Examples- Machinery, building, roads
Natural Resource
Resource that comes from nature. Examples- Tree, coal, metals
Traditional/Subsistence Economy
An economic system in which people produce enough for their own survival. Money isn’t used
Free Market Economy
economic system, private individuals exchange g+s with consumers in a free market, they keep the profit.
Planned Economy
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.
Planned Economy
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.
Mixed Economy
An economic system in which resources are owned by both private enterprises and government. What, whom and how of production determined by both
Consumers
Buys goods and services
Pays Taxes
Earns Wages
Producers
Produce goods and services
Goal to make profit
Pays Wages/Taxes
Government
Chargers taxes
Pays wages
Spends on goods and services
Financial Institutions
Hold Savings
Lends money
Goal to make profit
Concept of Production?
The process of making or selling goods or services to satisfy human needs
Free Enterprise
An economic system in which private businesses operate for more profit with mostly no government control
Entrepreneurship
The act of setting up a business in search of profit
Reasons for decline of Aus car industry
Pressure from imports
Production of cars in high volumes didn’t meet demands
Increased competition from overseas
Commodity
Is a natural resource such as oil, coal and copper
Representative Democracy
A political system based on citizens voting to elect representatives
Liberal Democracy
A form of government in which authority is vested in the citizens
Parliamentary Democracy
System of government in which people elect representatives to a parliament to make laws.
Candidate
A independent member or member of a political party who run for office in an election
Liberal Party
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)
Labor Party
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)
National Party
Policies-
Wants to represent those who are “Australian” and that live in regional areas of Australia in parliament
Believes in strong local communities
Governor-General
Represents the Queen in the Australian Parliament
Commander-in-Chief of Aus Defence Force
Australian head of state
Has constitutional and ceremonial duties
Political Activist
Someone who opposes the ways of the current actions of the government, acts for change
Freedom of Movement
Allows someone to travel anywhere anytime
Right to a fair trial
Allows someone to be held at a trial rather than to be sent straight to jail
Freedom of Election
Allows someone to run as a candidate in an election
Freedom from Arbitrary Arrest
Allows someone to not be arrested for nothing (all black people)
Freedom of speech
Allows someone to openly flame the government
Freedom of Assembly
Allows someone to freely meet with a group
Freedom of religion
Allows someone to believe in what they want
Freedom of Election (different)
Allows someone to vote when 18
Independent Member of Parliament
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.
