Humanities and Social Sciences Semester 1 Exam Revision

Comprehensive vocabulary flashcards covering economic performance indicators, living standards, and key historical terms of the Inter-war years and World War II.

Price

The amount of money expected, required, or given in payment for a product, which influences major consumer financial decisions.

Consumer

Someone who uses o

Supply and demand

The relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy.

Opportunity cost

The value of the next best alternative that is foregone when a financial decision is made.

Productivity

The effectiveness of productive effort, especially in industry, as measured in terms of the rate of output per unit of input.

Labour productivity

The amount of goods and services that a group of workers produces in a given amount of time.

Capital productivity

The measure of how efficiently physical capital (such as machinery or equipment) is being used to generate output.

Credit (buying on credit)

A contractual agreement in which a borrower receives something of value now and agrees to repay the lender at a later date, often with interest.

Living standards

The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area, categorized as material or non-material.

Gross Domestic Product (GDP)

An indicator of economic performance representing the total value of all goods and services produced within a country over a specific period.

Inflation (inflation rate)

An indicator of economic performance representing the rate at which the general level of prices for goods and services is rising.

Economic Growth rate

The percentage increase in the production of economic goods and services, compared from one period of time to another.

Unemployment (rate)

The percentage of the labour force that is currently without a job but is actively seeking and available for work.

Labour force

The total number of people who are either employed or unemployed and looking for work.

Wellbeing

The state of being comfortable, healthy, or happy, often measured by indicators like the quality of life index or sustainability indexes.

Health (as a measure of wellbeing)

A non-material indicator used to assess the role of physical and mental wellness in enjoying a high standard of living.

Wealth (as a measure of wellbeing)

An indicator involving the distribution of income and assets in an economy that contributes to a high standard of living.

Education (as a measure of wellbeing)

An indicator of human development that considers the accessibility and quality of schooling in determining living standards.

Poverty

The state or condition in which a person or community lacks the financial resources and essentials for a minimum standard of living.

Poverty line

The minimum level of income deemed adequate in a particular country, below which individuals are considered to be living in poverty.

HDI (Human Development Index)

A summary measure used to measure and map human wellbeing and development, typically including health, education, and income.

Paris Peace Conference

The meeting held in 1919 of the Allied victors following the end of World War I to set the peace terms for the defeated Central Powers.

Treaty of Versailles

The peace treaty signed in 1919 that ended the state of war between Germany and the Allied Powers, imposing reparations and territorial losses on Germany.

Reparations

Specific terms of the Treaty of Versailles requiring Germany to pay compensation for the damage and injury it caused during WWI.

The Great Depression

The severe worldwide economic downturn of the 1930s that began with the New York stock exchange collapse at the end of the 1920s.

Allied powers

The coalition of countries that opposed the Axis powers during World War II, initially including Britain and France.

Axis powers

The coalition of Germany, Italy, and Japan during World War II, formalized in the Tripartite Pact.

Nationalism

One of the contributing factors to the outbreak of WWII, involving an intense identification with or pride in one's own nation.

Militarism

The belief or desire of a government or people that a country should maintain a strong military capability and be prepared to use it aggressively.

Tripartite Pact

The 1940 agreement between Germany, Italy, and Japan that established the Axis powers.

Holocaust

The state-sponsored persecution and genocide of European Jews and other groups by the Nazi regime during WWII.

Persecution

Hostility and ill-treatment, especially because of race or political or religious beliefs, seen in the initial stages of the Holocaust.

Genocide

The deliberate killing of a large group of people, especially those of a particular ethnic group or nation.

Prisoner of War (POW)

A person captured and held by an enemy power during a war, such as Australians held under Japanese control in WWII.

Homefront

The civilian population and activities of a nation whose armed forces are engaged in war abroad, involving changing roles of women and government controls.

Conscription

A wartime government control involving compulsory enlistment for state service in the armed forces.

Rationing

A wartime government control used to manage the supply of essential goods and achieve fair distribution among the civilian population.

Censorship

The suppression or prohibition of speech or information that the government deems harmful to the war effort or national security.

Propaganda

Biased or misleading information used to promote or publicize a particular political cause or point of view, such as enlistment posters.