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Yr 10 Exams 1 > Humanities > Flashcards

Humanities Flashcards

1
Q

Define Inflation

A

The overall increase in the prices of goods and services within a country

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2
Q

Why is high unemployment bad for the government?

A

As the government collects less tax and pays out more benefits

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3
Q

What are some consequences of high unemployment

A

Reduced standard of living, loss of skill from the workforce, psychological effects of not working such as depression

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4
Q

What is CPI

A

Consumer Price Index

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5
Q

What is the governments target unemployment rate?

A

5%

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6
Q

What are the three main reasons for unemployment

A
  • Frictional unemployment
  • Structural unemployment
  • Seasonal unemployment
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7
Q

What does frictional unemployment mean

A

The time when someone is looking for work

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8
Q

What does structural unemployment mean

A

Mismatch in workers skills against the needs of the nation

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9
Q

What does seasonal unemployment mean

A

unemployment caused by seasonal patterns in activity (for example harvesting crops or tourism)

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10
Q

What does GDP stand for

A

Gross (Total)
Domestic (Home)
Product (Produced goods and services)

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11
Q

How long is an economic quarter

A

3 months

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12
Q

What is the level of economic growth aimed for?

A

2-3% per year

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13
Q

what is a recession?

A

when growth falls for more than two quarters in a row (6 months)

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14
Q

what is the problem with using GDP as a measure of economic performance?

A

It can rise because if price increases, this is not necessarily because of increased productivity. GDP does not take this into account

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15
Q

What does GDP measure

A

GDP is a measure of the total value of all goods and services produced in Australia over the period of a year.

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16
Q

Explain the importance of an economic growth rate of at least 2%

A

If more goods and services are being produced it means that more people are being employed to make them. People are then able to spend their wages on a wider variety of goods and services that may impose their living standard.

17
Q

What is inflation

A

a general increase in prices and fall in the purchasing value of money

18
Q

Define interest rates

A

Reward for lending or cost of borrowing

19
Q

Define expenditure

A

Funds spent

20
Q

What is the CPI

A

It is the method of working out inflation rate

21
Q

What do stronger/ higher demand for goods and services lead to?

A

Supply shortages
Prices increase to slow demand
Higher prices means people have to spend more

22
Q

What is our current economic growth rate and target rate

A

Current rate: 2.3%

Target rate: 3.25-3.5%

23
Q

What is our current and target inflation rate

A

Current: 1.3%
Target: 2-3%

24
Q

What is our current and target unemployment rate

A

5%

5%

25
Q

Why might we get a stronger demand for goods and services?

A

People spend more on goods and services, businesses become more confident so they expand and take on more staff (pay more wages, people spend more), over seas trade is strong (higher demand).

26
Q

How might cost increase for a business?

A

If interest rates increase, if taxes increase, if a business imports goods form overseas and the price of the Ausralian dollar falls then they pay more

27
Q

What is unemployment higher in

A

Unemployment is significantly higher in the young and indigenous

28
Q

What makes and inflation winner

A

High income earners, borrowers, importers

29
Q

What makes inflation losers

A

Low to middle income earners, bank savers, exporters

30
Q

Which four major powers dominated the peace discussions at Versailles?

A

Britain, France, The USA, Italy

31
Q

On what date was the Treaty of Versailles signed?

A

June 28, 1919

32
Q

What were terms of the ToV

A

Blame
Reparations
Army restrictions —> 100,00 men, No Air Force, 6 ships, no conscription
Territory—> lost 12%

33
Q

What was the League Of Nations

A

it was an organisation formed with the aim of preventing another war and maintaining world peace by settling disputes between nations through negotiation

34
Q

What were the four causes of ww2

A

ToV, LoN, Appeasement policy, rise of hitler & the nazi party

Yr 10 Exams 1 (7 decks)

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