exam revision

Question 1

economics

Answer 1

the study of how wealth is created &; distributed & also why & how decisions are decided regarding the distribution of economic resources

Question 2

market

Answer 2

an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.

Question 3

consumer sovereignty

Answer 3

the consumer is king in deciding where recourses are allocated in market economy

Question 4

opportunity cost

Answer 4

the value of something that is cost because you choose an alternative course of action

Question 5

3 economic questions

Answer 5

what to produce
how to produce
for whom to produce

Question 6

what to produce

Answer 6

you look at all the many factors such as will the business be successful and will other people ( the public) like your concept . is it worth committing your money? also need to make sure there is enough resources

Question 7

how to produce

Answer 7

if you decided to go into business it is the decisions regarding the set up of the business

Question 8

for whom to produce

Answer 8

refers to how the benefits from production will be distributed

Question 9

economic resources

Answer 9

land,
labour
capital
enterprise

Question 10

land

Answer 10

unprocessed resources taken directly the environment such as unprocessed minerals or unprocessed farm products

Question 11

labour

Answer 11

work, efforts & skills of people in the production process

Question 12

capital

Answer 12

human made objects that contribute to the production of finished products such as machinery, buildings & vehicles. includes componet

Question 13

enterprise

Answer 13

people known as entrepreneurs , who posses the skills & resources required to successfully start and manage a business . an enturpreneur is willing to risk personal resources such as money and time in at a latter date

Question 14

differents between needs and wants

Answer 14

A “Need” is something that makes survival very difficult if not impossible to continue doing

A “Want” is more so a desire, fantasy, or something that may or may not be achieved.

Question 15

scarcity

Answer 15

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

Question 16

price complementary products

Answer 16

complementary product ‘ go with’ another. they are products that are sold separately but that are used together, each creating a demand for the other, for example computers and computer games

Question 17

price of a substitute product

Answer 17

increases the demand for your product usually increases as consumers switch to your product. for example if the price of coffee increases people may switch to drinking tea as a result

Question 18

law of demand and factors

Answer 18

the amount/quantity of a product people want to buy (demand) is affected by the following factors.

• price
• price of a substitute product
• price of a complimentary product
• income levels
• consumer taste and preferences

Question 19

law of supply

Answer 19

as the price of a product increases producers are willing to make more of that particular product in the hope of making greater profits.

Question 20

factors that could increase supply of a product

Answer 20

price 
 Cost of Production
natural conditions 
technology 
transport conditions

Question 21

equilibrium

Answer 21

to set the best price for a product the demand and supply curve for that product can be plotted on the same axis. The point where the two lines cross intercept is the price were where the level of consumer demand is equal to the level the producers are willing to at that price
DEMAND EQUALS SUPPLY

Question 22

who do we import and export to

Answer 22

we export to China, America ,Japan, Korea and India

we import to china US Japan Korea and Thailand

Question 23

what goods and services do we import

Answer 23

passenger motor vehicles

Question 24

what goods and services do we export

Answer 24

iron ores & concentrates

Question 25

what is ment by trade

Answer 25

The term trade generally includes any activity where income is made from selling goods or performing services. Trade generally refers to the importing or exporting of goods and services.

Question 26

what is tariff

Answer 26

A tariff is a tax imposed on imported goods and services. Tariffs are often used to restrict trade, as they increase the price of imported goods and services, making them more expensive to consumers.

Question 27

the three levels of government

Answer 27

federal
state
local

Question 28

federal government

Answer 28

FEDERAL- is responsible for the conduct of national affairs including the Australian constitution, forgiven affairs immigration.

Question 29

state government

Answer 29

STATE- the state responsibilitys are schools, hospitals roads and transport. each state has its own consiituttion setting out its own system of goverment

Question 30

local government

Answer 30

LOCAL - the local gov is concerned with matters close to our home such as building and developing, local roads and foot paths libraries and playing fields

Question 31

representative government

Answer 31

the Australian political system is one where the people elect members of parliament to represent them, hence we have a system of representative goverment. these representatives meet in parliament and perform a number of functions, they decide who will govern , make laws and debate issues

Question 32

main political parties in Australia

Answer 32

LIBERAL PARTY

THE NATIONALS

AUSTRALIAN GREENS

AUSTRALIAN DEMOCRATS

Question 33

multinational

Answer 33

multinational are companies that runs in at least 1 other country than its home. most often to increase its profits but also there is a greater access to natural resources than would be available in the country of origin

Question 34

coalition

Answer 34

temporary alliance for combined action, especially of political parties forming a government.

Question 35

opposition

Answer 35

the role of the opposition is to comment & debate with the government & make them accountable for there decisions

Question 36

independent

Answer 36

??

Question 37

the house of representatives and the senate

Answer 37

the house of representatives, Australia is divided up int electorates, each electorate choose one person to represent that electorate in the house of representatives, different state/ tereitorites elect a different number of representatives depending on the population, however no state can have less than 5. the house of representatives also known as the peoples house because it was designed to represent the interest of people rather than the state, unlike the house of representatives the senate conations and equal number of representatives from each state. the senate was created at the time of fedaration it was designed to protect the interest of the states

Question 38

number of seats in each house

Answer 38

there is 150 seats in the house of representatives and 76 in the senate

Question 39

the voting process

Answer 39

preferential voting is used to elect members to the house of representatives. voters indicate a preference from 1 being placed in box next to voters first choice , 2 in second choice so on. to win the vote you must receive. an absoutle majority, this means to receive 50% or more of the votes, life no candidates receive the absolute majority, the 2cd preferences of the candidate with the lowest votes are distributed, this process is continued until one candidate receives an absolute majority

everyone who is 18 has to vote
elections are held every 3 years

Question 40

who is the leader OF GOVERNEMENR OF STATE AND FEDERL LEVE;

Answer 40

state-In every state, the executive branch is headed by a governor who is directly elected by the people
federal - the prime minister

Question 41

should voting be complusart

Answer 41

yes

Question 42

different forms of buissnes ownership

Answer 42

sole proprietor and private company,
the differences are that a SP has only one owner whereas a private company can have to 50 share holders and SP is also only 1 location where as a private company can be a single or a branch. a private company is more expensive to set up but people do it so they won’t go bank rust

Question 43

private and public sector

Answer 43

Public sector refers to government-owned organizations and government-provided services. Private sector refers to organizations that are not government owned, and the goods and services provided by organizations outside of the government.

Question 44

corporate social responsibility

Answer 44

Public sector refers to government-owned organizations and government-provided services. Private sector refers to 1) organizations that are not government owned, and 2) the goods and services provided by organizations outside of the government. For example, companies owned by individuals are part of the private sector.

Question 45

court hierarchy & amount

Answer 45

Supreme Court - unlimited cost
county court - unlimited cost
magasrite court - max $100,000

Question 46

criminal and civil law

Answer 46

criminal law protects the welfare and wellbeing of society whereas civil law is based on private individuals

Question 47

reasons why laws changes

Answer 47

Laws need to change to ensure that behaviour is regulated so that actions which harm members of the community become unlawful. Crimes Legislation Amendment (Food and Drink Spiking) Act 2009 (Vic.) Changing the law as a result of new technology is necessary for the public interest - to reduce harm or exploitation.