geography cards

what is ATO

Australian taxition office

what is a want

A want is

A want is a desire for something that is not essential for survival, while a need is a basic requirement necessary for living.

what is a need

A need is a basic requirement essential for survival, such as food, water, and shelter.

What is a consumer

A consumer is an individual or group that purchases goods and services for personal use, contributing to the economy.

what is GST

GST is goods and services tax

What is a producer

A producer is an individual, business, or entity that creates, manufactures, or supplies goods and services to satisfy consumer demand and generate economic value.

What is a Substitute Good

products or services that consumers view as similar or interchangeable, allowing one to replace the other

what is a Complementary good

products or services that are used together, where an increase in the demand or consumption of one increases the demand for the other

what is a marketing technique

Billboard and TV advertising

what is Defenition of advantages of taxation

Because taxes pay for the things that keep Australia running safely and smoothly

what are some advantage/examples to Taxation

•Public schools, Roads, Ambulances, Firefighters, Healthcare services

what is Defenition of disadvantages of taxation

the more you earn, the more you tax you pay, so it might discourage people from going for higher paying positions or having a second job.

What are some examples of disadvantages of taxation

It doesn’t take into account other costs people have such as mortgages, the amount of dependent children.

What is a externality

costs or benefits resulting from an economic activity (production or consumption) that are experienced by unrelated third parties, not reflected in market prices

What is income tax

You usually have to pay income tax when you earn money from employment, pensions, government payments, investments, and foreign sources

what is TFN

Australian taxation office

What is PAYG

Pay as you go

What are some disadvantages of the ATO

High Debt Levels and Inconsistent Collection

What are some advantages of the ATO

Convenience through Technology, Superannuation Management

What are some different levels of income

lower, middle, upper class

How does different levels of income affect taxation rates with and without higher income earners.

Income taxation uses a progressive structure where tax rates increase with higher income, meaning low-income earners pay lower marginal and average rates, while higher earners face significantly higher rates. Without high earners, the tax burden shifts onto middle-income earners; with them, higher tax revenue is generated to fund public services, though they may face incentives for tax planning.

What does Automation of the workforce mean

the use of technology, such as AI, robotics, and software, to perform repetitive, manual, or data-driven tasks without direct human intervention.

What are some examples of Automation of the workforce

AI-driven customer service chatbots, Robotic Process Automation (RPA) for data entry, and automated marketing tools like email scheduling

What does gloabalisation of the workforce mean

the integration of labor markets across borders, allowing companies to recruit, hire, and manage employees worldwide rather than being restricted to a local talent pool

What are some examples of Globalisation of the workforce

integration of labor markets across national boundaries, allowing companies to source talent, production, and services globally rather than locally