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Commerce > Exam > Flashcards

Exam Flashcards

1
Q

Three levels of government

A

local
state
federal

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2
Q

local government role

A 
councils/ shires
leader- mayor
~ sports grounds
~ rubbish disposal
~ pet registrations
~ planning permits
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3
Q

state government role

A

~ hospitals
~ schools
~ vic police
~ road laws

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4
Q

federal government role

A

responsible for the nation as a whole

  • defence
  • marriage
  • currency
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5
Q

concepts of a representative democracy

A
  • freedom of election and being elected
  • freedom of assembly
  • freedom of speech
  • rule of law
  • basic human rights
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6
Q

Main political parties in Australia

A

Australian greens, Labor party, liberal party, palmer united party, sex party, animal justice, arts party, socialist party

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7
Q

Difference between house off representatives android the senate

A

Hor- lower house- green, 150 seats, party with the most amount of seats forms government, leader of government, presiding officer is the speaker
Senate- 76 seats, upper house- red, presiding officer is president, can’t introduce bills related to finance or taxation

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8
Q

who can vote in Australia

A

every eligible australian citizen is required by law to enrol and vote

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9
Q

What is preferential voting

A

Vote in order of preference, where there is no clear majority, the person with the least votes has their votes reallocated to second preferences

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10
Q

what is an electorate

A

A geographical area consisting of voters who will vote for one representative

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11
Q

what is simple majority voting

A

Less than half of the total votes cast but more than the minimum required to win, as when there are more than two candidates or choices.

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12
Q

who are the leaders of government at state + federal level

A

federal- malcom turnball

state- daniel andrews

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13
Q

what is federation

A

this historical process was when Australia became a nation. the six colonies united to for, the commonwealth of australia

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14
Q

should voting be compulsuary

A
  • yes because candidates winning seats in parliament really do win majority of the peoples votes
  • increases political education of people
  • keeps political system responsive to the people
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15
Q

Definition of economics

A

the study of how wealth os created and distributed, also how and why desicions are made regarding the use and distribution of economic resources.

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16
Q

definition of market

A

a situation where potential buyers are in contact with potential sellers and there is a means of exchange

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17
Q

definition of consumer sovereignty

A

the consumer is king in deciding where resources are allocated in a market economy

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18
Q

concept of opportunity cost

A

The value of something is lost because you choose an alternative course of action. (e.g if you choose to spend your money on going to a movie it may mean that you have to for go something else such as buying a tshirt).

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19
Q

what are the 3 economic questions

A

~ what to produce
~ how to produce
~ whom to produce

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20
Q

what is difference between need and wants

A

needs—-are the goods and services that people believe are necessities of life and include food, clothing, water, health care and shelter.
wants—-goods and services that to enjoy a good standard of living e.g ipods, cars, television

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21
Q

what is scarcity

A

the fundamental economic problem of having unlimited wants in a world of limited resources. it states that society has insufficient productive resources to fulfil all human needs and wants.

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22
Q

what are the economic resources

A

land- natural resources
capital- man made machinery and equipment
labour- work/ effort
enterprise- ability to combine resources and take advantage of market opportunities

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23
Q

what are complementary products

A

goods or services that go together

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24
Q

what are substitute products

A

an alternative good or service that can be used for the same purpose

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25
Q

what is the law of demand

A

The law of demand states that the higher the price of a product, the less of it consumers will buy. As price decreases, consumers will buy more

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26
Q

what are factors influencing demand

A
  • price of substitute
  • price of complementary products
  • advertising
  • positive/ negative publicity
  • consumer trends
  • preferences
  • income levels
  • expectations
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27
Q

what is the law of supply

A

This is an economic theory which states that all else equal, an increase in price results in an increase in quantity supplied. Quantities respond in the same direction as price changes

28
Q

what are factors influencing supply

A

ACE
~ Availability of resources
~ Cost of raw materials
~ Efficiency of production

29
Q

Who do Australia import to

A

China, United States, Japan, Republic of Korea and Thailand

30
Q

who do Australia export to

A

China, Japan, Republic of Korea, United States and India

31
Q

What are goods and services aus import

A

computers, passenger motor vehicles, telecom equipment & parts

32
Q

what are goods and services that aus export

A

coal, natural gas, gold, beef

33
Q

Define trade

A

Trade is defined as the exchange of goods & services between nations

34
Q

Define tariff

A

A tax on imported goods

35
Q

What are multinational companies

A

Any cooperation that is registered and operates in more than one country at a time to time

36
Q

What is a sole trader

A

one owner, owner had full control over decisions making

37
Q

What is partnership

A

owned between 2 and 20 partners, greater access to resources and money

38
Q

What is a private company

A

between 1 and 50 share holders, limited liability the owners of the business are not liable for the debt of the buisness

39
Q

Define business ethics

A

The moral guidelines and principles a business should follow

40
Q

location of a business info

A
  • where competitors are
  • where public transport is
  • sufficient parking
41
Q

What is the referendum

A

changes to constitution are voted on by the Australian people

42
Q

Definition of government

A

System of political rule and administration over a society

43
Q

Crown info

A

represented in Australia by:
federal- governor general
state- governor

44
Q

Why do we vote

A

to elect those to make desicions on our behalf

45
Q

what are backbenchers

A

members of parliament with no special responsibility

46
Q

what are frontbenchers

A

members allocated a ministerial portfolio e.g Julie Bishop

47
Q

What are the opposition called

A

Shadow ministers

48
Q

what is the cabinet

A

meeting of senior ministers

49
Q

what is the legislative assembly

A
  • Lower house- green
  • 88 seats
  • party with the most amount of seats forms government
  • leader of the government is the premier
50
Q

what is the legislative council

A

40 seats

upper house- red

51
Q

what is the equilibrium

A

where producer supply equals consumer demand

52
Q

what is the economic issue

A

an economy’s finite resources are insufficient to satisfy all human wants and needs.

53
Q

what is the price mechanism

A

where producer supply and and consumer demand interact in the market to determine equilibrium price

54
Q

What are economic resources

A

the goods or services available to individuals and businesses used to produce value able consumer products

55
Q

what is resource allocation

A

the process of allocating scarce resources among projects or business units

56
Q

why is dredging the great barrier reef an economic problem

A
  • proposes threats for wildlife inhabitants
  • 5-6 million lost from tourism
  • what was dredged will be dumped in a park nearby
  • sentimental value to locals
57
Q

What affect does dredging have on the economy

A
  • gains quite a few jobs for those who ship products
  • ## causes people to lose their job if involved in tourist industry
58
Q

What is the governments position on dredging the great barrier reef

A
  • believe plans ate ‘ deficient ‘ and ‘ flawed ‘
  • smart idea for economy
  • Australian institute of marine science completely disagree as the proceeds will be dumped in a marine park nearby which is bad for environment
59
Q

definition governor general

A

the chief representative of the crown in a commonwealth country or which the British monarchy is head of state

60
Q

define foreign aid

A

money, food, or other resources given or lent by one country to another

61
Q

what is globalisation

A

the process by which businesses or other organisations develop international influence or star operating on an international scale

62
Q

what is exporting

A

send (goods or services) to another country for sale

63
Q

what is importing

A

bring (goods or services) into a country from abroad for sale

64
Q

what are assets

A
  • current- cash, stock (food)
  • non current- chairs, tables, stove, pans
    ~ resources controlled by a business
65
Q

what are liabilities

A

the present obligations (debts) of the business

  • current- creditors, loan (NAB)
  • non current liabilities- loan (NAB)

Commerce (2 decks)

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