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Money and Markets > Money and market > Flashcards

Money and market Flashcards

1
Q

Credit advantages for using a card

A
  • Pay later
    -Convenience
  • Rewards
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2
Q

Credit disadvantages for using a card

A
  • Encourages to overspend
  • High interest rates if not paid back
  • Late repayments appear on a credit report
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3
Q

Credit

A

A trust that companies give to pay back money or objects when one does not currently have funds

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4
Q

Credit Card

A

Issued by financial institutions allowing customers to delay payments for goods and service

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5
Q
A
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6
Q

Budget

A

A plan for making and spending money

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7
Q

reasons for preparing a budget

A
  • manage your money so that you can purchase goods and services without getting into financial difficulties
  • manage your spending so that you have cash available to make a desired purchase eg a car
  • reflect on your spending habits and find areas where you might be spending too much
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8
Q

super annuation

A
  • compulsory for all people who have worked and reside in Australia
  • The balance of a person’s superannuation account, is then used to provide an income stream for retirement.
  • It is a long-term investment that grows over time.
  • employer starts paying a percentage of your salary or wages (currently 11%) into a super fund account for
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9
Q

scams

A
  • Scams are traps to dishonestly take a person’s money.
  • They target your emotions.
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10
Q

secure website checks

A

Use HTTPS: Ensure that your website uses HTTPS and not http

the lock in the corner of the screen

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11
Q

why do people work

A

Why do people work?
- To make money - they need the money they make for food, rent/mortgage, and to have fun with family and friends

  • To learn new skills
  • To make friends
  • To contribute to society
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12
Q

meaning and def of unemployment

A

Unemployment is a situation where people who are willing and able to work are unable to find employment

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13
Q

labour force

A

means either employed or unemployed

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14
Q

Australia Bureau of Statistics

A

agency that collects and analyses statistics on economic issues.

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15
Q

Employed according to ABS

A

all people aged 15 years and older who are not employed.

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16
Q

labour force survey

A

given out by the ABS to the unemployed to determine if they are still unemployed.

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17
Q

large labour force- what does it do for our economy. positively

A
  1. increasing Consumer Spending:

Higher employment leads to greater disposable incomes and demand for goods and services.

  1. Boosting Economic Growth:

More workers increase overall productivity and output.

  1. Enhancing Innovation and Competitiveness:

Diverse skills and perspectives foster innovation and global competitiveness.

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18
Q

Calculating the unemployment rate

A

Number of people in the labour force

X 100
——
1

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19
Q

Limitations of the unemployment rate:

A
  1. Ignores hidden unemployment
  2. doesn’t consider underemployment
  3. misleading survey answers
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20
Q

Current unemployment rate
( %)

A

= 4.1%

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21
Q

Youth unemployment rate ( %)

A

= 9.4%

22
Q

types of unemployment

A
  1. Cyclical Unemployment
  2. Structural Unemployment:
    3.Frictional Unemployment:
    4.Seasonal Unemployment
    5.Hidden Unemployment:

C-S-F-S-H

23
Q

cyclical type of unemployment

A

Fall in economic growth, leading to slowing down of production , so people loose their jobs

24
Q

structural type of unemployment

A

production method change- People not needed because technology takes over or items are produced over seas.

25
Q

frictional type of unemployment

A

Whenh someone is not woking because their new job hasn’t started- time off between jobs

Eg:Builders

26
Q

hidden type of unemployment

A
  • Involves discouraged workers who have stopped looking for jobs.
  • Not reflected in official unemployment statistics..
27
Q

seasonal unemployment

A

The job only exist for a certain season

Eg:
- fruit picking
- tourism
- working for holiday operators, - - working in the ski fields

28
Q

Long term unemployment

A

when someone is not working for a period of 52 weeks

29
Q

Youth unemployment

A

people aged between 15-24 who are currently unemployed

30
Q

Important trade terms

A
  1. International trade
  2. Exports
  3. Imports
    4.Bilateral relationships
  4. Tariffs
31
Q

International trade

A

Is the exchange of goods and services between countries

32
Q

Exports

A

goods and services that are produced in one country and sold to buyers in another.

Australian examples include iron ore & education services to international students.

33
Q

Imports

A

An import is a good or service produced abroad but then sold and consumed in your country.

Australian examples include manufactured goods such as televisions, clothes and cars.

34
Q

Tariffs

A

s a tax imposed by one country on the goods and services imported from another country.For example On 19 May 2020 China imposed a combined 80.5% tariff on Australian barley that we export.

35
Q

Trade - China’s ( bilateral relationship with Australia)
Good

A
  1. Australian supports chinese tourism
  2. The china- Australia Free trade Agreement enchanced our competitive position in chinese market, boosted economic growth, and also created jobs
36
Q

Constructing a personal budget

A
  1. Expected receipts:
    ( having a job)
  2. Total expected receipts
    ( add all expected receipts)
  3. Less Expected Payments
    ( buying lunch weekly)
  4. total expected payments
  5. excess receipts over payments
  6. Bank balance at the beginning
  7. estimated balance at the end of the month
37
Q

Excess receipts over payment’s

A

= Total expected receipts - total expected payments

38
Q

Bank balance

A

= excess receipts over payment + balance at beginning

39
Q

analyse a budget. ( be done to achieve goals - alternative ways to make a purchase?)

A
40
Q

calculate the size of the labour force

A

Labor Force = Number of Employed + Number of Unemployed

41
Q

calculate the unemployment rate

A
  • unemployment rate is measured by the Australian Bureau of Statistics (ABS)
  • using Labour Force Surveys.
  • Survey is conducted monthly and involves 0.45% of the population.
42
Q

Personal scams that are currently in operation include:

A
  • Charity scams - scammer poses as a charity worker and convinces the individual to make a donation
  • Computer malfunction scams - scammer informs individual that their computer is not operational and they can fix it immediately
  • Romance scams - scammer takes advantage of someone looking for romance
43
Q

Investment and online scams

A

These types of scams offer the investor a rare opportunity to make money quickly.

44
Q

be aware of the following scams: Investment and online scams

A
  • Phishing emails - these are emails that pretend to be sent by your bank asking for account details
  • A phone call from a scammer stating there is something wrong with your account
  • Having your card details copied when you swipe your card - a clone of your card is illegally produced
45
Q

Bilateral relationship

A

the exchnage of goods bewteen two nations propmoting trade and investment.

46
Q

Trade - China’s ( bilateral relationship with Australia)
Bad

A
  1. Trade disputes, bans on terrifs , seen as form of retaliation
  2. National securtiy concerns: China’s influence and activities within the country
  3. Geo- political tensions: Challenging chinas growing influence in the region
47
Q

large labour force- what does it do for our economy- negatively

A
  1. Higher Competition for Jobs:

More competition can lead to lower wages and job insecurity

  1. Resource Depletion:

Greater population can put pressure on infrastructure, housing, and natural resources

  1. Underemployment:

Workers may end up in jobs that do not utilize their skills fully, reducing overall productivity.

48
Q

small labour force- what does it do for our economy, positively

A
  1. Higher Wages:

Less competition for jobs can lead to higher wages for workers

  1. Better Job Security:

Workers may experience greater job stability and less risk of unemployment.

  1. Less Strain on Resources:

Reduced pressure on social services, infrastructure, and natural resources.

49
Q

small labour force- what does it do for our economy, negatively

A
  1. educed Consumer Spending:

With fewer people employed, there may be lower overall consumer spending, affecting businesses and economic activity.

  1. Higher Labor Costs:

Limited availability of workers can drive up labor costs for businesses.

  1. Limited Economic Growth:
    When there aren’t enough people working, it can make it harder for the economy to grow and produce more things.
50
Q

Non labour force

A

Made up of all people (over the age of 15), who are NOT seeking work or cannot
eg. house wives
full time students

Money and Markets (3 decks)

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