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exams Flashcards

1
Q

What is relative scarcity

A

Do not have enough resources to satisfy all our wants and needs, scarcity in economics: everything is relative

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2
Q

What is opportunity cost

A

refers to the benefit that was lost due to an individual taking a different course of action. The benefit a person could have received

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3
Q

What is consumer sovereignty

A

The situation in an economy, where the desires and needs of consumers control the output of producers

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4
Q

What are needs and wants

A

Needs are goods or services that are required (for example food, water, shelter)
Goods are goods or services that are not necessary but we desire or wish for (for example expensive car/ house, newest clothes

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5
Q

What is the private sector

A

Composed of organisations that are privately owned or operated, and not part of the government. Usually include corporations partnerships.

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6
Q

What is the public sector

A

Composed of organisations that are owned and operated by the government. Includes federal, state or municipal governments.

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7
Q

What is a market

A

Medium that allows buyers and sellers of a specific good or service to interact in order to facilitate an exchange.

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8
Q

What is corporate social responsibility

A

A corporations initiatives to assess and take responsibly for a company effects on environmental and social wellbeing.

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9
Q

What are economic resources

A

Goods or services available to individuals and businesses used to produce valuable consumer products. Includes land, labor and capital.

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10
Q

What is oversupply

A

An excessive amount of goods or other substance. Oversupply results when demand is lower than supply.

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11
Q

What is shortage

A

A situation in which demand for a good or service exceeds available supply.

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12
Q

What is equilibrium

A

A state where economic forces such as supply and demand are balanced

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13
Q

What are substitutes

A

Is a product or service that a consumer sees as the same or similar to another product

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14
Q

What are complements

A

a good or service that is used in conjunction with another good or service

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15
Q

What are factors that affect supply and demand?

A 
Change in price
Tax decrease
Decrease in cost of production 
Fall in demand
Weather
Shifts in supply curve
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16
Q

What is a sole proprietor

A

A person is the exclusive owner of a business, entitled to keep all profits after tax has been paid, but liable for all losses; a sole trader.

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17
Q

What is a partnership

A

An arrangement in which two or more individuals share the profits and liabilities of a business venture.

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18
Q

What is a private limited company

A

Companies which are owned by small, private groups of people or entities (founders, management, private investors). They offer limited liability for its shareholders but places certain restrictions on its ownership.

19
Q

What is a public listed company

A

Corporations which ownership is dispersed among the general pubic in many shares of stock which are freely traded on a stock exchange or over counter markets.

20
Q

What are the three economic questions ?

A

What to produce - concerned with how we allocate resources.
How to produce - what combination of resources will be used.
For whom to produce - concerned with how the goods are allocated/distributed.

21
Q

What is a court hierarchy

A

The court is structured where different levels or bodies are ranked or ordered, depending on their importance.

22
Q

Examples of Court hierarchy

A

High court of Australia, supreme court of Victoria, county court of Victoria, magistrate court.

23
Q

What is civil law

A

The system of law which is concerned with private relations between members of a community rather the criminal, military or religious affairs.

24
Q

What is criminal law

A

A system of law which is concerned with the punishment of offenders.

25
Q

What are the three levels of government

A

Federal, state and local

26
Q

What is the federal government concerned with

A

based in Canberra, concerned with governing all of Australia across areas including defence, immigration, trade, currency.

27
Q

What is the state government concerned with

A

based in each capital city (e.g. Melbourne) concerned wiht governing each state across areas including police, hospitals, education, emergency services, roads.

28
Q

What is the local government concerned with

A

Based in each local area (municipality), concerned with issues including maintenance of parts, waste collection and minor roads.

29
Q

What is the crown

A

The queens representatives, including government general and governor.

30
Q

Who is the governor general

A

The queens representative in Australia (federal)

31
Q

Who is the governor

A

The head of each executive branch in each state or territory ( state)

32
Q

What are the voting systems in Australia

A

Preferential voting

Simple majority voting

33
Q

What is preferential voting

A

The system of voting used in Australia, voters are required to number candidates in order of preference.

34
Q

What is simple majority voting

A

“first past the post”. Used in USA, requires voters to tick there preferred candidate. The person with the most ticks wins.

35
Q

What are multinational companies

A

These are large companies that operate in a number of countries (example, mcdonalds, apple, nike). Multinational companies have grown recently due to better transport and globalisation.

36
Q

What are Australian trading partners

A

Exports - which includes Australia selling products overseas (example minerals, iron, coal). We mainly sell these to China, Japan, and Indonesia.
Imports - this involves Australia buying products from overseas, this mainly involves manufactured items (example cars, tech) from countries including China, Japan and USA.

37
Q

What are tariff

A

A tax or duty to be paid on a particular class of imports or exports. In the past countries have used tariffs on imports to try and protect local producers.

38
Q

Example of a tariff

A

$20,000 car from Japan plus 10% tax makes it worth $22,000 from Japan, this makes Australian cars more preferred.

39
Q

What is a quota

A

is a government imposed trade restriction that limits the number, or monetary value, of goods that can be imported or exported during a particular time period.

40
Q

What are free trade agreements

A

Describe moving towards 0% tariffs. Result of this free trade agreement has been the loss of Australian manufacturing jobs (example car industry - ford, Toyota, holden).

41
Q

What is innovation

A

the introduction of new ideas, products or methods that improve current ways of doing things.

42
Q

What makes up the parliament

A

senate, house of representatives, the crown

43
Q

What is the senate

A

The upper house, decorated in red, made up of 76 senators. 12 in each state, 2 each territory

44
Q

What is the house of representatives

A

The lower house, decorated in green. Made up of 150 members, one in each electorate.

commerce (3 decks)

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