Economics Flashcards

1
Q

Define Interdependence

A

When countries/businesses rely on each other for the trade of services and goods. E.g.china and Australia trade and depend on each other for resources such as gold or nickel.

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2
Q

Trade

A

Companies/countries giving each other resources or services for other resources and services in return.

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3
Q

Globalisation

A

The increasing interdependence of world economies as a result of cultures and populations.

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4
Q

International Competitiveness

A

Is the ability of a nation to compete successfully overseas.

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5
Q

Exports

A

Sending goods/ services out overseas to other countries

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6
Q

Imports

A

Bring goods/services in from another country

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7
Q

Migration

A

Movement of a person or people from one country to another

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8
Q

Tourism

A

Is a social,cultural and economic movement of which people travel

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9
Q

Supply chain

A

Is a network of companies and people that are involved in production and delivery of a product or service

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10
Q

Outsourcing

A

Is the practice of hiring a party outside a company to perform services or create goods

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11
Q

TNC’s

A

Is a company that has operations in multiple countries (transitional corporation)

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12
Q

Savings

A

A portion of income not spent on current expenditures

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13
Q

Investment

A

Is an assets acquired or invested in to build wealth and save money form hard earned income

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14
Q

Risk tolerance

A

Is the amount of loss an investor is prepared to handle wile making an investment decision

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15
Q

Shares

A

Are a way of participating in the ownership of a company

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16
Q

Superannuation

A

Is a savings system for workplace pensions in retirement.

17
Q

Consumer scam

A

Consumer scam or consumer fraud, is a personal/financial loss that occurs because of dishonest methods used by a business.

18
Q

ACCC

A

Australian Competition and Consumer Commission is an independent Commonwealth statutory authority

19
Q

Competitive Advantage

A

Refers to factor that allow a company to produce goods/services better or cheaper than its rivals.

20
Q

Economies of Scale

A

Cost advantages realized by companies when production becomes more efficient

21
Q

Innovation

A

The development of ideas and technologies that improve goods and services or make production better.

22
Q

Innovation

A

The development of ideas and technologies that improve goods and services or make production better.

23
Q

Corporate Social Responsibility

A

Companies promising to do business in a way that’s good for the economy