HaSS Flashcards
1
Q
Economic Problem
A
unlimited wants and needs, limited resources. want more than we can have.
2
Q
Economy
A
state of a country or area in reference to the production and consumption of goods and services.
3
Q
market
A
enables buyers and sellers to meet and exchange goods and services
4
Q
consumer
A
a person who purchases goods and services for direct use or ownership
5
Q
How do economies grow?
A
-Produce goods to replace ones consumed
-Support population growth
-Improve the quality of products
6
Q
Why measure economic performance?
A
regularly monitored, economic data reveals trends, ability to satisfy the needs and wants of consumers
7
Q
Economic growth
A
real growth in the volume (value) of goods and services produced by an economy over a period of time
8
Q
economic growth target rate
A
3 - 4%
9
Q
Aggregate Demand
A
used to measure GDP (published quarterly)
10
Q
Limitations of GDP
A
doesn’t include non-market production, doesn’t provide information about the distribution of production, doesn’t consider the impact of production on the environment, involves some ‘guestimates’ of production
11
Q
Global Financial Crisis
A
- 2007
- People bought expensive houses, even though they did not have enough money for it
- Housing companies built too many houses, causing the price of housing to decrease
- Caused the number of foreclosure on homes to increase, meaning that many people lost their homes decreasing the value further
- Loans were worth more money than the house
- stock market crashed, GDP decrease, unemployment increase
12
Q
Recession
A
two or more consecutive quarters of negative growth in an economy
13
Q
unemployment rate
A
5%
14
Q
Unemployment rate
A
the group of people unemployed expressed as a percentage of the total labour force
15
Q
labour force
A
includes people who are older than 15, able and willing to work including employed as well as unemployed people who are actively looking for work
16
Q
employed
A
work full time or part time, work for payment or profit, are self-employed, work in a family business, or have a job but are prevented from working due to illness, strikes, holidays
17
Q
unemployed
A
those who do not have a paid job but who are actively looking for work by completing job applications and/or registering with Centrelink as a job seeker, either on a full-time or part-time basis
18
Q
Employment trend types
A
cyclical, structural, seasonal, friction
19
Q
Cyclical trend
A
Poor economic growth forcing business to reduce spending
e.g. Factory or retail worker during recession
20
Q
structural trend
A
Business change operational practices
e.g. Self scanners in supermarkets
21
Q
seasonal trend
A
seasonal activities
e.g. Fruit pickers or ski-fields
22
Q
frictional trend
A
Period of time between jobs
e.g. Construction worker
23
Q
effects of high unemployment
A
Deteriorating living standards, Decreased national production, Changed government budget position
24
Q
inflation rate
A
2 - 3%
25
Inflation
sustained increase in the general price level of goods and services is accompanied by the decrease in the purchasing power of money in an economy over a period of time.
26
CPI (Consumer Price Index)
average retail prices of goods and services
27
Regimen
a basket of goods and services whose prices are surveyed to calculate inflation
28
types of inflation
Demand-side factors (occurs when there is an increase in demand that exceeds the current level of goods and services), Demand inflation (price increases that result from an excess of demand over supply for the economy as a whole)
29
Excessive Demand
increase in consumer optimism about future, increase in business confidence, increase in income, lower interest rates on credit cards and loans, increase in our exports, supply side factors (occurs when there is an increase in the cost of producing goods and services), cost inflation (a sustained increase in the price of goods and services caused by producers passing on increased production costs to consumer)
30
Supply-side causes of cost inflation
increase in wages, increase in interest rates, increase in taxes, increase in cost of raw materials
31
Impacts of Inflation
limits ability of government to achieve economic goals, causes local producers to lose overseas competitors, undermines economic growth as consumers stop impacting the rate of economic growth, changes the allocation of resources, affects income distribution as the purchasing power of the dollar reduces, negatively impact income distribution
32
Living Standards
how well off a nation or country is overall. Measuring changes in living which allows governments to identify and implement solutions
33
Material living standards
relate to the level of economic wellbeing
34
Non-material living standards
value-based elements of human wellbeing that influence the part of our living standards that is not connected to material possessions
35
Economic Growth measuring
measured by GDP per capita
36
GDP per capita
aims to calculate the value of goods and services each member of the economy has access to
37
Strong economic growth
(3-4%) brings with it low inflation and low unemployment.
38
Sustainable economic growth
economy growing production of goods and services without affecting living standards
39
Limitations of GPD per Capita
Assumes improvements in living standards, improved figures may be a result of people working longer hours, machinery/computers replacing labour. Does not take the environmental impact of goods and services into consideration
40
Key areas of economic performance
Inflation (CPI), economic growth (GDP), employment rate, unemployment rate, equity and equality (distribution of wealth), economic stability (foreign debt and trade deficits)
41
Income Distribution
percentage of individuals at various wage levels, which is seen as how a country’s GDP is distributed amongst its people: different jobs pay different wages, strong correlation between high material and non-material living standards and a fair distribution of income
42
Unemployment
they are no longer earning an income and have to rely on government welfare payments, they use their savings to assist them in maintaining spending habits in the short term, spending on goods and services decreases, financial stress increases as they become disheartened about finding another job, Material and non-material living standards of unemployed people deteriorate if they remain unemployed for an extended period of time
43
Inflation Impacts
Inflation impacts confidence in the economy, Inflation distorts how resources are used, Inflation affects income distribution
44
Individuals experiencing inflation will:
become poorer, their incomes rise as interest rates and share returns rise, their incomes and living standards fall, interest rates on their variable home loans rise, they may become unemployed due to inflation
45
Ways to measure living standards
Genuine Progress Indicator (GPI) (overall living standards - negative and positive effects on society), Human Development Index (HDI) (compares peoples wellbeing in different countries), Quality-of-life index ( measures which country will provide the best opportunity for a healthy, safe life), Green Gross Domestic Product (environmental consequences of that growth factored into a country’s GDP), Happy Planet Index ( measures human wellbeing and environmental impact (experienced wellbeing, life expectancy and ecological footprint))
46
Ways government manages economy
macroeconomics (Budgetary policy, Monetary policy (RBA)), Migration policy, Training and workforce development policy, Productivity policy
47
Macroeconomics
involves the level of expenditure (aggregate demand)
48
Budgetary Policy (a macroeconomic policy option)
budget deficit: if a government spends more than it earns,
budget surplus: If a government earns more than it spends,
budget balance: if government receipts equals the level of government expenditure
49
How are budgets calculated
Budgets are calculated by estimating expected revenues and expenditures.
50
cash rate
the official price of borrowing money. It is the interest rate that applies to the short-term money market
51
Interest rates
the cost of borrowing money
52
monetary policy (a macroeconomic policy option)
manage the level of spending in the economy
53
taxation: government receipt
a government levy or revenue measure that can be used as part of the budget to affect the level of prices, the growth rate and the distribution of income
54
direct tax: government receipt
is one in which a levy is imposed on individuals or organisations
55
indirect taxation: government receipt
is collected from individuals or organisation by an intermediary
56
non-tax revenue: government receipt
receipts from asset sales, interest, the repayment of HECS debts by university students and profits from government business enterprises such as Australia Post.
57
direct tax examples: government receipt
personal income tax, capital gains tax, medicare levy, company tax, fringe benefits tax, company tax, superannuation fund tax, petroleum resource rent tax
58
indirect tax examples: government receipt
excise duty, custom duties, GST
59
Budget spending
how the government uses the receipts it collects to provide certain goods and services for the community
60
examples of government budget spending
social security and welfare, health, defence, education, transport and communications, housing and community amenities, public-debt interest
61
Budget deficits
are designed to be expansionary (encourage spending through tax reductions and increased government spending)
62
Budget surpluses
are designed to be contractionary (discourage spending through tax increases and decreased government spending)
63
What does a reduction in cash rate stimulate
spending and inflation
64
what does an increase in cash rate stimulate
dampens spending and inflation.
65
What do higher interest rates impact
make borrowing more expensive because the amount of interest to be repaid increases
66
what can changing the interest rate lead to
mortgage defaults, loss of homes, Spending falls, aggregate demand falls, economic growth slows down, decline in material living standards as consumers have less access to goods and services
67
Persuasion
a strategy used by the RBA to talk up or down the level of borrowing, spending and economic activity which causes consumers and investors to react and change their level of spending and borrowing
68
natural elements
atmosphere, biosphere, hydrosphere, lithosphere
69
human elements
industries, settlements, people
70
Geographical issues
coastal management, climate change, living standards
71
longitude
----->, longitude comes first when grid referencing
72
latitude
<----- latitude comes last when grid referencing
73
AR
e.g. 9917 (99 = longitude, 17 = latitude)
74
GR
e.g. 993178 (99 = longitude, 3 = longitude of 99 square, 17 = latitude, 8 = latitude of 17 square)
75
space: geographical concept
significance of location and spatial distribution
76
place: geographical concept
about the significance of places and what they are like
77
interconnection: geographical concept
no object of geographical study can be viewed in isolation
78
change: geographical concept
explaining geographical phenomena by investigating how they are developed over time
79
environment: geographical concept
significance of the environment in human life, and the important
80
scale: geographical concept
different spatial levels
81
sustainability: geographical concept
capacity of the environment to continue to support us and animals into the future
82
Environmental worldview
varying viewpoints, such as environment-centred as opposed to human-centred, in managing ecological service
83
what does pressure on ecosystems result in
land degradation, loss of habitat, loss of biodiversity, reduction in human wellbeing
84
what has environments become overloaded with
the growing demands for food, land and other resources.
85
Ecological service
the benefits to humanity from the resources and processes that are supplied by natural ecosystem
86
how do people interact with the environment
interconnection between ecological services and human action
87
Stewardship
the caring and ethical approach to sustainable management of habitats for the benefit of all life on Earth. ecological management involves stewardship
88
ecological footprint
a measure of human demand on the Earth’s natural systems in general and ecosystems in particular
89
biocapacity
the capacity of a biome or ecosystem to generate a renewable and ongoing supply of resources and to process or absorb its waste
90
how is ecological footprint measured
carbon, forest, cropland, grazing land, fishing grounds, built up land - measured in hectares
91
climate
the yearly changes in the Earth’s atmosphere
92
climate change
any change in climate over time, whether due to natural processes or human activities
93
global warming
increased ability of the Earth’s atmosphere to trap heat
94
natural greenhouse effect
solar energy is trapped by water vapour and gases in the atmosphere, heating the atmosphere and helping to retain this heat - this keeps the earth at a stable temperature, without it would be to cold
95
natural greenhouse effect system
the atmospheric gases allow sunshine to pass through but absorb heat that is radiated (bounced) back from the warmed surface of the Earth
96
greenhouse gases examples
methane (CH4), Carbo Dioxide (CO2), Nitrogen Oxide (NO2)
97
enhanced greenhouse effect
the observable trend of rising world atmospheric temperatures over the past century, particularly during the last couple of decade. Increasing amounts of GHG increases the amount of heat being retained
98
human activities effecting earth
burning fossil fuels, deforestation, agricultural processes, industrial processes, waste dumps, fertiliser use
99
Climate change impacts
enhanced greenhouse effect --> increased temperatures --> melting ice sheets and thermal expansion --> sea level rise --> Coastal erosion and coastal inundation
100
Emissions trading scheme
market-based, government-controlled system used to control greenhouse gas as a cap on emissions. Firms allocated carbon credit and cannot exceed that cap. If they require extra credits, they must buy permits from other firms that have lesser needs or a surplus
101
ways to reduce greenhouse gas emissions
energy supply (switch from coal to gas), transport, buildings (solar panels, lighting), industry (efficient equipment), agriculture (land management), planting forests, waste (composting)
102
ecosystems
systems formed by the interactions between the living organisms (plants, animals, humans) and the physical elements of an environment
103
atoll
a coral island that encircles a lagoon
104
hinterland
the land behind a coast or shoreline extending a few kilometres inland
105
storm surge
a temporary increase in sea level from storm activity
106
tsunami
a powerful ocean wave triggered by an earthquake or volcanic activity under the sea
107
salinity
presence of salty water that has replaced fresh water in the subsurface layers of soil
108
Destructive waves
storm conditions, higher, closer together, backwash stronger than swash, increased erosion, forms erosional landforms
109
Constructive waves
calm conditions, lower, far apart, backwash weaker than swash, deposit sediment, forms depositional landforms
110
Beach
Depositional Feature
111
Tombolo
Depositional Feature
112
Spit
Depositional Feature
113
Lagoon
Depositional Feature
114
Dune
Depositional Feature
115
Headland
Erosional Feature
116
Cliff
Erosional Feature
117
Cave
Erosional Feature
118
Arches
Erosional Feature
119
stacks
Erosional Feature
120
longshore drift current
a current that moves sediment parallel to the coast
121
human uses
Settlement, Ports and harbours, Residential , Tourism, Recreational, Produce from the sea, Mining, Shipping
122
Human Impacts
Loss of habitats from construction, Pollution. Overfishing, Oil/chemical spills, Waste products, Increased erosion, Eutrophication (excess nutrients - algae blooms), Global warming (climate change)- enhanced greenhouse effect
123
How global warming changes coastal environment
Sea level rises (melting polar ice and thermal expansion), Increase in intensity/frequency of storm surges/coastal flooding, Increased salinity of rivers and groundwater, Increased coastal erosion, Inundation of low-lying areas, Impacts on marine ecosystems - coral reefs
124
Why are low islands disappearing?
Thermal expansion of oceans (as the water warms, its volume increases), Melting glaciers/polar ice leads to rising sea levels (adding to the volume of water)
125
Threats for low lying islands rising
Coastal storms, Tsunamis, Flooding, Inundation, Erosion, Saltwater intrusion into fresh water supply, Storm surges
126
what are the 2 main subjects coastal environments are subject to
natural environmental processes (deposition processes - coasts grow, erosion - land is lost to the sea), human-induced processes (structures, in the form of housing, harbour works change the landscape)
127
climate refugees
people who will have to relocate due to coastal changes
128
Beach nourishment
The artificial placement of sand on a beach. This is then spread along the beach by natural processes.
129
Beach nourishment advantages
Sand is used that best matches the natural beach material.
Low environmental impact at the beach
130
Beach nourishment disadvantages
The sand must come from another beach and may have an environmental impact in that location.
Must be carried out on a continuous basis and therefore requires continuous funds
131
Groyne
An artificial structure designed to trap sand being moved by longshore drift, therefore protecting the beach.
132
groyne advantages
Traps sand and maintains the beach
133
groyne disadvantages
Groynes do not stop sand movement that occurs directly offshore.
Visual eyesore
134
sea wall
A structure placed parallel to the shoreline to separate the land area from the water
135
sea wall advantages
Prevents further erosion of the dune area and protects buildings
136
sea wall disadvantages
he base of the sea wall will be undermined over time.
Visual eyesore
Will need a sand nourishment program as well
High initial cost
Ongoing maintenance and cost
137
Offshore breakwater
A structure parallel to the shore and placed in a water depth of about 10 metres
138
Offshore breakwater advantages
Waves break in the deeper water, reducing their energy at the shore.
139
Offshore breakwater disadvantages
Destroys surfing amenity of the coast
Requires large boulders in large quantities
Cost would be extremely high
140
Purchase property
Buy the buildings and remove structures that are threatened by erosion
141
Purchase property advantages
Allows easier management of the dune area
Allows natural beach processes to continue
Increases public access to the beach
142
Purchase property disadvantages
Loss of revenue to the local council
Possible social problems with residents who must move
Exposes the back dune area, which will need protection
Cost would be extremely high
Does not solve sand loss
143
Types of wellbeing indicators
quantitive, qualitative
144
Development: wellbeing
refers the overall level of living standard or economic growth of a country
145
Social: human wellbeing factor
Population size and growth, cultural norms such as gender roles
146
technological: human wellbeing factor
Level of technology
147
economic: human wellbeing factor
Income and employment
148
environmental: human wellbeing factor
climate, land quality, availability of fresh water, natural resource, relative location
149
political: human wellbeing factor
Political stability, level of corruption, wars and civil conflict
150
Gross Domestic Product
annual value of all the goods and services bought and sold within a country’s borders (per capita - total GDP divided by the population of the country
151
Human Development Index
measures a country’s average achievement in three aspects of human development (life expectancy, education and GNI per capita)
152
Gross National Income
income of all citizens of a country including income generated from investment and earning overseas
153
Happy Planet Index
measures three components - life expectancy, experienced wellbeing and ecological footprint to provide an overall score
154
Quantitive measures
Provide accurate and measurable comparisons.
e.g. GDP, HDI
155
Qualitative measures
Description of the quality and characteristics.
e.g. freedom, social connectedness
156
MEDC
lower birth and death rates and therefore lower population growth
157
LEDC
nations experience higher rates of births and deaths and higher growth
158
reasons for providing aid
Humanitarianism reasons, as a sign of friendship between two countries, to strengthen a military ally, to reward a government for actions, approved by the donor, to extend the donor’s cultural influence, to gain some kind of business or commercial access to a country.
159
Bilateral Aid
aid given by governments to donor countries.
160
Multilateral Aid
aid provided through international institutions, such as UNICEF
161
NGO/charity Aid
a citizen-based association that operates independently of government, usually to deliver resources or serve some social or political purpose, such as the Red Cross
162
large-scale aid
given to the government of a developing country so that they can spend it on the projects that they need
163
