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Commerce > Exam > Flashcards

Exam Flashcards

1
Q

Name the 3 levels of government?

A

Federal, State and Local

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2
Q

Federal, State and Local governments look after…

A

Federal cares for all Australia- immigration, defence
State cares for each state- hospitals, education, police
Local cares for each municipality- roads, parks, waste

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3
Q

What is an electorate?

A

Areas that are represented by a member of the HoR

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4
Q

Name the two houses of parliament?

A 
The Senate (Upper House)
The House of Representatives (Lower House)
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5
Q

What are the two houses colours?

A

Red (Sen), Green (HoR)

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6
Q

What is a democracy?

A

A system of government where everyone has a say in which who represents the country and its views

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7
Q

What are the two main voting systems?

A

Preferential and Simple Majority

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8
Q

Who is allowed to vote in Australia?

A

Anyone over 18

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9
Q

Name the four main political parties and their key principles or focuses

A

Liberal (progression), Labour (conservative), Greens (the environment) and One Nation (radical conservative)

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10
Q

Who is the governor general?

A

Representative of the Crown in a Commonwealth country at Federal level

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11
Q

What is a constitution?

A

A number of fundamental rules that a country is governed by

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12
Q

What is representative democracy

A

One person representing our views

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13
Q

What is a government?

A

A group of people who make rules and create order so a society is run effectively

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14
Q

What is a referendum?

A

A process to change the constitution

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15
Q

What is a senator?

A

An elected representative in the Senate

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16
Q

What is a governor?

A

Someone that represents the crown at a state level

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17
Q

What is a minister and prime minister?

A

Prime minister is the leader of the country while ministers are responsible for certain areas of government; minister for education

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18
Q

What is a petition?

A

A formal request for parliament to take action

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19
Q

Name the three functions of government

A

Executive function, Legislative function and Judicial function

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20
Q

What are the three functions?

A

Executive- Administering the rules developed to benefit the whole community
Legislative- Making the rules
Judicial- Judging if the rules have been broken and consequences

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21
Q

What is Criminal and Civil law?

A

Criminal- concerned with cases where a person has committed an offence against the community

Civil- a dispute between two private individuals

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22
Q

Give examples of Civil and Criminal offences

A 
Criminal- Against the State eg. Treason
Against a Person eg. Assault
Against Property eg. Theft
Against Public Order eg. Offensive language
Civil-
Ownership of Property
Divorce settlements
Contracts
Negligence 
Defamation
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23
Q

What is Defamation?

A

Harming a person’s reputation

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24
Q

What are the 3 economic questions?

A
  1. What to produce
  2. How to produce
  3. For whom to produce
25
Q

What is Inflation?

A

Prices going up steadily over time

26
Q

What are the 2 primary forms of economies?

A

Mixed Markert Economy and Planned Economy

27
Q

What is a Market?

A

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

28
Q

What is Scarcity?

A

Limited resources for unlimited demand

29
Q

What are Resources?

A

An asset used to produce products and resources

30
Q

What is Opportunity Cost?

A

A lost alternative use, eg. build stadium on land the OP would be building a park

31
Q

What is Consumer Sovereignty?

A

Consumer is king in deciding where resources are allocated in the market

32
Q

What is Needs?

A

Needs- Necessary goods and services eg. Food, water, shelter

33
Q

What is Wants?

A

Wants- Things we don’t necessarily need but we would buy it eg. Clothes, toys, games

34
Q

What is Public Sector?

A

Part of the economy concerned with providing governmental services

35
Q

What is Private Sector?

A

Part of the economy that is run by private individuals or groups, usually as a means of profit and it is not controlled by the government

36
Q

What is a Market?

A

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

37
Q

What is Corporate Social Responsibility?

A

A system of business that contributes to sustainable development

38
Q

What are Economic Resources?

A

Goods and services available to individuals and businesses used to produce products

39
Q

What is Oversupply and Shortage?

A

Oversupply- When there is too much of a product the price will drop and therefore people would be less likely to make it

Shortage- not enough supply for the demand. Means the price I raised and producers are more likely to make it

40
Q

What is Equilibrium?

A

A state in which supply and demand are balanced

41
Q

Name the Factors that affect Demand

A
  • Preferences
  • Incomes
  • Expectation for price to rise
  • Price of Substitutes
  • Price of Complementary
42
Q

Name the Factors that affect Supply

A
  • Natural events
  • Price
  • Cost of Production
43
Q

What is a Sole Proprietor?

A

Owned by one person, income is assessed according to personal tax eg. Barber, milk bar

44
Q

What is a Partnership?

A

Owned by 2-20 people, income is assessed according to personal tax

45
Q

What is a Private Company?

A

Owned by 1-50 private shareholders, company pays tax for profits made, has Pty Ltd (Proprietary Limited) after its name

46
Q

What is a Public Company?

A

Shares are traded freely on stock exchange, everyone can own a part of the company

47
Q

What is a Small Business?

A

Less than 2 million profit and less than 20 people

48
Q

Names the Courts in Order

A

High
Supreme
County
Magistrates

49
Q

Civil Laws are dealt with in each court

A

H- Constitutional Matters
S- Unlimited Damages in Money Terms
C- “ “
M- Up to $100,000 in damages

50
Q

Criminal Laws dealt with in each court

A

H- Constitutional Matters
S- More serious offences such as murder and manslaughter
C- Serious offences such as culpable driving and armed robbery
M- Minor criminal offences such as assault and traffic offences

51
Q

What are Multinational Companies?

A

Large companies that operate in a number of countries

52
Q

Australian Trading Partners

A

Exports to China, Japan and Indonesia
Minerals, Iron Ore, Coal and Natural Products such as Wheat and Wool
Imports from Japan, China and the U.S.A.
Cars, technology and white goods

53
Q

What are Tariffs?

A

Taxes to protect local producers. Imported products are taxed encouraging consumers to go local.

54
Q

What are Quotas?

A

A fixed or limited amount of people or things

55
Q

How many seats in the Lower House?

A

150

56
Q

How many seats in the Upper House?

A

76 senators, 12 from each state and 2 from each territory

57
Q

Is the PM in the Senate or the HoR?

A

HoR

58
Q

What are the names of the two houses in Victoria Parliament?

A

Legislative Council- 40 members

Legislative Assembly- 88 members

Commerce (2 decks)

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