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Exam Revision Flashcards

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1
Q

Prime minister

A

The leader of the commonwealth government.

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2
Q

Ministers

A

Members of the government with responsibility for areas of government policies or departments.

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3
Q

Governor General

A

Represents the crown at a federal level.

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4
Q

Cabinet

A

A meeting of senior ministers to advise government policies.

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5
Q

Crown

A

Queen Elizabeth is Australia’s head of state and her authority is known as crown.

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6
Q

Electorate

A

A geographic area consisting of approximately 80 000 voters who vote for one representative.

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7
Q

Role of Government

A

Provides security, order, justice, public works., social welfare, economic policy, conservation and development.

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8
Q

Responsibility for Local Government.

A

Health concerns, health regulation, rubbish disposal, parks and gardens.

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9
Q

Responsibility of the state government.

A

Education, hospitals, transport, road laws, public works, local government.

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10
Q

Responsibility of the federal government.

A

Defence, trade, currency, social services, telecommunication, post and immigration.

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11
Q

House of Representatives (lower house)

A

Determines the government debates, passes laws, watches over government administration and expenditure.

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12
Q

How many seats are in the lower house?

A

150

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13
Q

The senate (upper house)

A

This house cannot introduce laws related to finance and taxation.

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14
Q

Similarities between the two houses.

A
  • both have a presiding officers

- introduce and debate legislation (laws)

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15
Q

How many seats are in the senate?

A

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

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16
Q

Preferential voting

A

When individuals vote in order of preference from 1 - 4. The candidate must receive and absolute majority which is 50% + 1 vote.

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17
Q

Referendums

A

Changes in a constitution are voted on by the Australian people.
There must be a double majority for the referendum to pass.

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18
Q

Liberal Party

A

Represents the interests of business and private enterprise.
Federal leader - Tony Abbott
Victoria leader - Julie Bishop

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19
Q

Constitutional Monarchy

A

The system where the head of state is a monarch (queen) but the real power of government rests on the parliament.

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20
Q

Economics

A

Allocation of scarce resources.

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21
Q

Scarcity

A

The imbalance between our wants which are unlimited and our resources which are limited.

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22
Q

Opportunity Cost

A

The loss of other alternatives when one alternative is chosen.

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23
Q

Consumer Soverignty

A

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

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24
Q

Law of Demand

A

As the price of an item decreases the quantity of that item demanded will increase
- the cheaper something is the more will buy.

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25
Demand Factors.
``` Preferences (changes in taste/ fashion) Weather conditions Increase income Increase price of substitutes Decrease complementary product ```
26
Law of supply
As the price of an item increases, the quantity of that item that will be supplied by produces will increase. - the more expensive something is the more produces will make.
27
Supply factors.
Available resources Cost of raw materials Efficiency of resources
28
Market
A situation where potential buyers are in contact with potential sellers and there is a means of exchange.
29
The 3 economic questions
What to produce? How to produce? Whom to produce for.
30
Land
Refers to the natural resources such as fertile pastures (crops), mineral reserves (construction) forests and oceans.
31
Labour
The person power available to work in the production process.
32
Capital
Refers to the machinery, plant and buildings made by people to assist in manufacture of commodities and provision. Eg. Ladders, trucks, hammer.
33
Need
The goods and services people believe are necessities of life and survival. Eg. Water, clothing, health care.
34
Want
Goods and services that assist us to enjoy a good standard of living. Eg. Cars, phones, television.
35
Equilibrium
The point of intersection on a demand curve graph when the quantity producers are willing to supply exactly equals the quantity consumers will purchase.
36
Substitute Product.
Things that are alternative and can be used for the same purpose. Eg. Ordinary milk for almond milk.
37
Complementary product
Items or things that go together. | Eg. Bike and a helmet
38
Trade
The exchange of goods and services between nations.
39
Globalisation
The expansion of business operations into other countries as a result of economic barriers and increase in global technology.
40
Multinational companies
Organisations that operate in more that one country, their head office is based in one country but has branches in other countries.
41
Reasons for growth in multinational companies.
- advancement in technology - laws regarding foreign investment being relaxed in many countries - reduction in trade barriers making the exchange of goods and services between countries easier.
42
Name Australia's major trading partners
China, Japan, U.S, Korea
43
What does Australia Import and export?
Import - cheap clothing, electronics, cars | Export - education, motor vehicles, meat, wool, coal, livestock.
44
Tariff
Tax on imported goods.
45
Fair Trade
Requires companies to pay sustainable prices, which provide decent working conditions and pay farmers and workers in developing countries.
46
Business ethics
The moral guidelines and principles a business should follow.
47
The federal budget outcome 2015-16
The outcome for the 2015-16 budget is $35.1 deficit
48
Receipts that that provide money coming in for government
Individuals income tax, sales taxes, fuel exise, company and resource tax, non tax revenue.
49
Receipts that provide money going out.
Social security, health, education, defence, general public services.
50
Surplus
When expected receipts are greater than expected outlays.
51
Deficit
When expected receipts are less than expected outlays.
52
Balanced budget
When expected receipts are equal to to expected outlays.
53
One significant change to the budget
$35 billion investment on defence to protect Australia from terrorist threats and attacks. - leading to less pain and suffering in the economy.
54
Advantages of a Sole Trader
- Makes all decisions for the business. - keeps all profit made. - cheap to set up.
55
Disadvantages of a sole trader
- difficult to obtain finance | - unlimited liability: if the business goes broke the sole traders personal assets can be sold off.
56
Advantages of partnership
- greater access to resources and money. | - shared workload.
57
Disadvantages of partnership
- unlimited liability - disagreements about the business - conflict if one partner wants to leave.
58
Advantages of a private company.
- limited liability - easier access to finance - individuals share in the business can be sold if they want to leave.
59
Disadvantages for a private company
- expensive to register | - less input in the business due to lots of owners.
60
Assets
Resource value controlled by a business | Liability + Owners equity = assets.
61
Liabilities
Present obligations or debts of the business. | Assets - Owners equity = liabilities
62
Owners equity
Assets - Liabilities = O. E
63
Debtors
People that owe you money
64
Creditors (liability)
People who you owe money to.
65
What is government?
The system of political rule and administration over a society.
66
Front Bencher
Ministers who have a portfolio | Eg. Foreign Affairs
67
Shadow minister
Opposition front bencher
68
Back bencher
Members of parliament that are not ministers or shadow ministers

Commerce (1 decks)

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