Civics and Citizenship & Economics and Business

Rule of Law

The principle that all people are equal before the law and must obey the law. It means laws apply to everyone, including those who make them.

Democracy

A system of government where the people have the power to choose their leaders and shape society.

Separation of Powers

The division of the Australian government into three branches: Legislative, Executive, and Judicial. This ensures the government remains fair and accountable.

Legislature

The branch of government that creates and amends laws.

Executive

The branch of government that puts laws into operation.

Judiciary

The branch of government that administers justice and interprets the law.

Constitutional Monarchy

A system of government where the Queen is the head of state, but her powers are delegated to a representative in Australia called the Governor-General.

Justice

People getting what they deserve, upheld by legal principles like the rule of law and presumption of innocence.

Jurisdiction

The power or authority a court has to hear a particular type of case.

Common Law

Also known as judge-made law, it is created in court based on the cases heard.

Statutory Legislation

Laws created by passing them through the traditional law-making process, such as in Parliament.

Criminal Law

Law that deals with actions listed in the Crimes Act, such as murder, theft, and speeding.

Civil Law

Law that deals with disputes between individuals or organizations, such as defamation, negligence, trespass, or breach of contract.

Preferential Voting

A voting system where a candidate must receive more than half of the votes to be elected.

Franchised and Free Elections

Elections where every citizen aged 18 or over can vote, and attempts are made to minimize bias.

Direct Action

A way to be an active citizen and engage with democracy.

MP (Member of Parliament)

An elected representative who provides a voice for the citizens who voted them into office.

Needs

Goods or services that are essential for survival. Examples include food, water, and shelter.

Wants

Goods or services that people desire to improve their quality of life, but are not essential for survival. Examples include cars, phones, and brand name clothing.

Scarcity

The economic problem of having limited resources to satisfy unlimited wants.

Opportunity Cost

The value of the next best alternative that is given up when a choice is made.

Consumer

An individual who purchases goods and services for personal use.

Producer

An individual, group, or business that creates and supplies goods or services.

Interdependence

The relationship between consumers and producers, where one group relies on the other.

Goods

Tangible products that can be bought and sold.

Services

Intangible actions or activities performed for a consumer, such as getting a haircut.

Specialisation

When a business or individual focuses on producing a specific product or service to become more efficient.

Trade

The exchange of goods, services, and money between individuals or countries.

Market

A place or system where goods and services are exchanged.

Demand

The desire and ability of consumers to purchase a good or service at a certain price.

Supply

The amount of a good or service that producers are willing and able to sell at a certain price.

Price

The amount of money exchanged for a good or service.

Equilibrium

The point where the quantity demanded by consumers equals the quantity supplied by producers.

Entrepreneur

A person who organises, manages, and takes on the risks of a business or organisation.