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Hass > Economics & Civics > Flashcards

Economics & Civics Flashcards

1
Q

Scarcity

A

having unlimited wants and needs but limited resources

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2
Q

Resources

A

Natural or land made materials

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3
Q

4 categories or resources

A

Land, Labor, Capital, Enterprise

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4
Q

specialisation

A

How an individual/business/country focuses on producing a particular good or service results in more efficiency

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5
Q

interdependence

A

the way we rely on others to satisfy our needs and wants

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6
Q

allocation

A

the way we distribute scarce resources among producers

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7
Q

Market

A

the exchange of goods and services among buyers and sellers

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8
Q

economic performance

A

how well economy is doing

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9
Q

GDP

A

a way of measuring how much goods and services produce the economy produces in a period of time, measured by abs.

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10
Q

Inflation

A

occurs when there is an increase of price level over a period of time

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11
Q

The consumer price index (CPI)

A

measures the price change of typical household goods & services every quarter

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12
Q

Material living standards

A

Physical goods and services

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13
Q

Non-material living standards

A

Intangible things, effect our enjoyment of life.

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14
Q

constitution

A

the document that creates basic structures and powers of an organisation/state/nation.

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15
Q

Residual powers

A

any law-making power not stated in the constitution as specifically belonging to the commonwealth, belong solely to the state parliaments

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16
Q

exclusive powers

A

areas in which commonwealth powers can make laws

17
Q

concurrent powers

A

areas in which both state and commonwealth can make laws in

18
Q

United Nations

A

international organisation created in 1945

19
Q

foreign aid

A

assistance to other countriesBi in form of money, skills and other resources.

20
Q

Bilateral treaty

A

treaty between Australia and one other country

21
Q

Multilateral treaty

A

treaty between Australia and two or more countries

22
Q

Ratification

A

process that legally binds Australia to implement a treaty

Hass (1 decks)

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