Economics and WWI Flashcards
What is a Planned Economy?
The government makes all economic decisions, controlling production and pricing.
What is a Mixed Economy?
Combines elements of market and planned economies, with both private individual and government involvement.
Who is a Consumer?
Someone who purchases any good or service in the economy.
Who is a Producer?
Producers ‘produce’ the resources that consumers purchase.
What is the Financial Sector?
Banks and lenders that provide money for businesses and households. Encourage investments.
What role does the Government play in the economy?
Significant role. Generated by taxation of the consumers and producers.
What is Overseas Trade?
The goods/services we have lots of, we export to other countries. The goods/services we have a shortage of, we import from other countries.
What is the Five-Sector Model?
The leakages and injections form a relationship with all the components of the five-sector model.
What is Globalisation?
The process of the world becoming more connected. It means that countries, businesses, and people interact with each other more through trade in goods and services
What is the impact of Globalisation on Australia?
It has increased trade, investment, and cultural exchange with other countries, leading to more jobs and economic growth.
How does Globalisation affect the Five-Sector Model?
Globalisation affects the overseas sector by increasing imports and exports and influencing businesses and governments through economic interactions with other countries.
Who are Australia’s Economic Partners in Asia?
China, Korea, Singapore and Indonesia.
What is Scarcity?
Scarcity is limited resources available to meet unlimited wants.
Explain the relationship between Scarcity and Opportunity cost.
Scarcity is limited resources available to meet unlimited wants, it forces us to make choices associated with opportunity costs. Because resources are limited, choosing one thing means giving up the opportunity to do or have something else.
What is a Capitalist Economy?
Private individuals own and control businesses and resources. Market determines prices based on supply and demand.
What is a Communist Economy?
A communist economy removes all private ownership. Every aspect of the economy is owned by the government.
What is a Subsistence Economy?
People produce just enough for their own needs, rely very little on others.
What is a Market Economy?
Economic decisions are made by individuals, based on supply and demand with minimal government intervention.
What are the World War 1 Dates?
28 July 1914 - 11 November 1918.
Who was Billy Hughes in WW1?
He replaced Andrew Fisher as Prime Minister in 1915 and led Australia during the First World War.
What were the reasons for Australia to join WW1?
Loyalty to Britain.
What were the reasons for enlistment in WW1?
Adventure, Societal Pressure, Money (6 shillings), Hatred of the enemy.
Where did ANZACs fight in WW1?
They fought in Gallipoli in Turkey (Ottoman Empire).
What was the War Precautions Act 1914?
Made for the safety of Australians to give the government more control over the country’s resources and people in order to support the war effort.
