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Humanities > Politics and law + economics [exam] > Flashcards

Politics and law + economics [exam] Flashcards

1
Q

Define Inflation

A

steady upward movement in the general level of prices decreasing purchasing power over a period of time, usually one year.

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2
Q

What are the causes of Inflation

A
  • Demand pulls

- Cost push

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3
Q

What are the effects of Inflation

A
  • Price rises (impact on output)
  • Causes productive investment to fall
  • Drop in confidence
  • Less products being purchased
  • Domestic interest rates increasing
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4
Q

What are the types of Inflation. Describe them

A

Demand pull: When demand increases at a rate faster than the capacity of goods and services. This increases competition for goods and services, drives up prices

Cost push: When prices are pushed up by rising costs to producers who compete with each other or increasingly scarce resources.

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5
Q

How do you calculate Inflation

A

CPI: take price changes for each item and average them

Inflation rate: Subtract last year’s CPI from current index, divide by last year’s number, x 100 to get %

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6
Q

What are gov policies to reduce Inflation

A

Monetary policy: management of money supply and interest rate

Fiscal policy: adjusts its spending levels and tax rates to monitor and influence a nation’s economy.

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7
Q

What are material measures of Standard of Living

A

Access to physical goods and services (cars, houses). Measured by GDP. Access to goods and services equals better life generally and also income to improve living.

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8
Q

What are non material measures of Standard of Living

A

Not measured in $, not touchable. Freedom of speech, low levels of crime and discrimination, preservation of environment, adequate leisure time. Measured by OECD (organisation for economic co-operation and development) and better life index

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9
Q

Define Economic growth to do with GDP

A

The percentage change in GDP that tells us if the economy is growing. Hope to exceed 2% yearly. More goods and services mean more employed.

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10
Q

Difference between growth and standard of living to do with GDP

A

Economic growth is the actual production of goods and services and more employed. Standard of living is the result of this as buying goods and services means a higher standard of living

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11
Q

Definitions GDP

A

Gross domestic product. The measure of the total value of goods and services produced in Australia over a year.

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12
Q

Definitions GDP per capita

A

Income earned by a person in an area. Divides total area’s income by population.

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13
Q

What is the measure of economic growth to do with GDP

A

The total value of everything (goods and services) produced in our economy. Measured by % increase in GDP each year.

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14
Q

what are Limitations of GDP

A

Some goods and services have undesirable environmental and social consequences so not all factors are taken into account when measuring GDP.

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15
Q

Define Unemployment

A

Where people who are willing and able to work can’t find a job. Not a working more than one hour and actively looking for work over the previous 4 weeks

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16
Q

Calculate Unemployment

A

Number of unemployed (over 15 seeking work) ÷number in labour force x 100

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17
Q

Define the types of Unemployment

A

Cyclical: occurs in downswing, due to reduction in total demand.

Structural: technology changes, change in consumer spending

Seasonal: nature of work means not available all year (fruit pickers)

Frictional: quitting one job before they start another

Long term: Physically unable/ undesirable to employers

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18
Q

What are causes of Unemployment

A

Aggregate demand, education, competition and injuries.

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19
Q

what are effects of Unemployment

A

Poverty, boredom, loss of self-esteem, Loss of skills, Ridicule, prejudice, Discrimination, poor health, isolation

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20
Q

What are gov policies to reduce Unemployment

A

Monetary: cutting interest rates to boost aggregate demand

Fiscal: cutting taxes to boost AD

Education and training to reduce structural unemployment

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21
Q

Define productivity in terms of managing the economy

A

Refers to amount of output produced by each input into the production process. Rise = more output from same amount of input. Raises GDP per capita without additional resources

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22
Q

what is the role of the gov in terms of managing the economy

A
  • Provide goods and services
  • Regulate business activity
  • Redistribute income
  • Macroeconomic management
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23
Q

How does Gov spending effect economy activity

A

Gov spending contributes 25% to GDP aiming to raise living standards present and future

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24
Q

How does taxation effect economy activity

A

Higher income earners pay higher tax then low-income workers. Companies base off profit they earn. GST through businesses forwarded to Gov. Raises standard of living, economic activity

25
Q

How does interest rates effect economy activity

A

. Interest high, total spending falls vice versa.

26
Q

Define the boom in The business cycle

A

General level of economic activity is above average. Levels of AE at/above levels required for full employment, General feelings of confidence in the economy, Inflationary pressure. Strongest economic position

27
Q

Define downswing in The business cycle

A

Decreasing levels of AE below levels required for full Employment, decreasing levels of investment in capital equipment, Declining feelings of confidence in the economy, inflation beginning to reduce.

28
Q

define trough in The business cycle

A

Two quarters of negative, Growth are called recession, Levels of AE are below levels required for full employment, General lack of confidence in the economy. Little inflationary pressure

29
Q

Define upswing in The business cycle

A

A trough cannot last forever, at some point government Policies (monetary and fiscal policy) together with Unplanned investment will cause the level of AE to Increase and grow demand. Coming back to inflationary pressure

30
Q

What are Threats to a civil society

A
  • Influence of vested interest (wealthy individuals having influence over political decisions)
  • Organised crime (organised criminal activity)
  • Corruption (immoral abuse of power)
  • Lawlessness (Gangs acting in immoral and violent ways regardless of law)
31
Q

How does Australia upholds the values of a civil society:

A

Holds the same values and ethos especially relating to law and order.

Makes social, political and economic decisions in the best interest for the whole community.

Giving freedom and human rights/equality.

32
Q

Define Globalisation

A

The process of interaction and integration among people, organizations and countries.

33
Q

what is the evolution of Globalisation

A

Technological advancements, removing trade barriers like bans, decreasing transportation costs = more production and selling worldwide.

34
Q

what are the impacts of Globalisation

A 
International exports increase
foreign investment increases
grow in multinational corporations
politics more interdependent
western culture becomes dominant
35
Q

What are positives of Globalisation

A
  • Increased job opportunities
  • Upgraded education
  • Increased training
  • Wider freedom
  • Wider resources available
36
Q

What are negatives of Globalisation

A
  • Limits cultural diversity
  • Lower labour standards
  • Migration issues
  • Loss of national identities
  • Environmental costs (climate change)
37
Q

What are 3 examples of international agreements signed by Australia

A
  • Convention of the elimination of all forms of discrimination against women (CEDAW)
  • International Covenant on Civil and Political Rights (ICCPR)
  • International Convention on the Elimination of All Forms of Racial Discrimination (CERD)
38
Q

What is Australia’s role within the international community and especially through the UN

A

Australia fulfils its responsibilities as a global citizen by collaborating in the following areas:

o Human rights: Declaration of human rights
o Health: Increase in vaccine rates
o Human rights issues: Helps people displaced through global conflict
o Migration: Safe movement of refugees
o Environment: Global work to stop climate change

39
Q

What are the similarities between Australia and China

A

Suffrage: 18 years universal

Political parties:
Australia (greens, labour, one nation, liberal, nationals)
China (8 nominally independent parties)

Both have a judiciary section

40
Q

What are the differences between Australia and China

A

Gov type:
Aus – fed parliamentary democracy
China – communist party led state

Legal system:
Aus – common law based on English model China – civil law influenced by soviet European

Constitution:
Aus – 3 arms of gov. Gov general
China – Rejects separation of powers. Head of state

41
Q

Australia’s role within the international community and especially through the UN:

A

o Human rights: Australia was one of the 8 countries that drafted the declaration of human rights (1984)
o Health: Focus on Asian region – HIV, malaria, increase in vaccination rates and now Covid-19
o Human rights issues: Helps with people displaced through global conflicts and disease threats
o Migration: Promotes safe movement of refugees and asylum seekers
o Environment: Committed to finding a global solution to climate change, sustainable development and food security

42
Q

International agreements signed by Australia:

A
  • Convention of the elimination of all forms of discrimination against women (CEDAW)
    • International Covenant on Civil and Political Rights (ICCPR)
  • International Convention on the Elimination of All Forms of Racial Discrimination (CERD)
43
Q

Give 3 examples of The changes in domestic law due to signing international agreements

A

Convention on the Rights of the Child =
Children and Community Services Act 2004
(Western Australia only)

Declaration on the Rights of Indigenous Peoples =
Aboriginal Heritage Act 1972
(Western Australia only)

International Convention on the Elimination of All Forms of Racial Discrimination (ICERD) =
Commonwealth Racial Discrimination Act 1975

44
Q

The challenges of meeting international obligations through domestic law:

A

International legal obligations can shape domestic policy in Australia.

Policy-making involves the government taking action in a certain area to achieve the desired outcome.

Failure to live up to our international obligations can result in international pressure to change policy.

45
Q

What is the role of the high court

A
  • This is Australia’s highest court
  • It has the responsibility for interpreting the constitution and settles disputes
  • In addition, they can be called upon to:
    1. Hear appeals from supreme, federal and family courts
    2. Hear disputes between state and federal government
    3. Decide on case of great significance
46
Q

What is an example of resolving conflicts between international obligations and domestic politics

A
  • The Commonwealth of Australia VS Tasmania (1983)
    o Tas gov established the Hydro Electric Commission (HEC)
    o The intent: build a dam on the Franklin river to make electricity
    o The area was considered to be of Aboriginal Cultural Significance
    o 1983 the federal government had passed a new law called ‘The world heritage properties conservation act’.
    o This meant the dam could not be built by HEC
    o Australia had also signed the UN treaty, called the ‘convention of the protection of the world cultural and national heritage’.
    o Tasmanian government continued the building process
    o Commonwealth government took Tas government to high court to solve dispute
    o The high court ruled in favour of the Comm. Government, Because AU external affairs powers overruled Tasmanian gov’s power in conjunction with WHPCA (1983)
47
Q

What are the key principles of countering threats through political and legal structures

A

Representation and participation
Division of power
Scrutiny and accountability

48
Q

Explain Representation and participation

A

REPRESENTATION
System of gov: liberal democracy
Protect rights and freedoms of individual
Make laws to regulate behaviour of people
Respect views and values

PARTICIPATION
Regular elections (free and fair)
Fail to make law that represents majority = not re-elected
Compulsory voting
Fed elections every 3 years
State elections every 5 years
49
Q

Explain Division of power

A

Must not abuse or make laws beyond their power
No single body has control over political and legal
Executive: Administer/implement law
Legislative: Make the law
Judiciary: Apply/interpret the law
If person believed abused power can challenge the court

50
Q

Explain Scrutiny and accountability

A

Gov must be accountable/answerable to the people (responsible gov)
Must justify actions/decisions to voters
Held to account –> parliamentary question time (policies and actions)
Public question by email/visit the local office
Acting irresponsible or accusations of proven dishonesty = resign

51
Q

Define the labour force

A

those people over 15 who are not

a full-time student
 retired
in prison
permanently incapacitated 
hospitalised
52
Q

Define a treaty

A
  1. Australia has international obligations in areas such as human rights, environment, defence, security and trade

These are written down in documents called treaties.

There are two types of treaties

Bilateral Treaty: A treaty between Australia and one other country

Multilateral Treaty: A treaty between Australia and 2 or more countries

53
Q

Define Influence of vested interest

A

wealthy individuals having influence over political decisions

54
Q

Define organised crime

A

organized criminal activity

55
Q

Define Corruption

A

immoral abuse of power

56
Q

Define lawlessness

A

Gangs acting in immoral and violent ways regardless of law

57
Q

Define monetary policy

A

cutting interest rates to boost aggregate demand

58
Q

Define fiscal policy

A

cutting taxes to boost AD

Humanities (4 decks)

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