HASS EXAMS

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1918(November 11)

armistice signed ending ww1

1919(june 28)

Germany accepts terms of the treaty of versalles

1920

league of nations formed

1923

Hyperinflation Crisis in germany due to economic instability and having to pay repirations

1924

dawes plan helps germany recover with the help of the usa loans and restructurepirations

1929

great depressions

begins causing global economic and political unrest
especially in germany

1933

Adolf Hitler becomes chancellor of Germany

nazis start consolidating power and demanding democracy

1935

germany reintroduces conscription violating (treaty of versailles)

numberg laws passed targetting jewish citizens in germany

1936

Germany remilitarizes the Rhineland(violating treaty of Versailles)
rome: berlin wall formed between germany and facist italy

1938

march: anschluss (germany annexes austria)
september: munich agreement(britain and france allow germay to take sudentland from czechoslovakia)

1939

march : Germany invades the rest of czechoclovakia
august 23: nazi soviet pact( non aggression pact signed between germany and ussr)

september 1: germany invades poland
september 3: britain and france delcares war on germany starting ww2

Black Tuesday

happened in October of 1929

stock market collapsed due to stock prices reaching unrealistic levels

overproduction of goods occurred and more goods were produced than what could be sold, and couldnt find foreign market

how many countries in league of nations?

42 members but no america cause the people of america refused to have affairs with europeans

TOV military(germany)

germany is only allowed to have 6 battle ships
no airforce
no tanks
no artilery
no submarines
rhineland demilitarised

TOV financial and economic(germany)

germany cannot join league of nations
germany had to pay repirations leading to severe economic instability and hyperinflation

TOV teritorial(Germany)

alsace and lorraine retured to france
germany forbiden to reunite with austria
had to return land to poland
germany was stripped of it overses colonies(togoland and cameroon)

January 1919

big 4 attended the peace conference in paris, france (paris peace conference)

how man countries attended the peace conference in january?

32 with the aim of rebuilding europe for ongoing peace

when did ww1 end?

November 11, 1918

victorious allies in ww1

great britain, russia, italy japan,united states

Opposing Powers, central powers

germany, austria hungary, ottoman empire

1921

the allies discussing how much should germany pay for repirations ( 6.6billion euros and 132 billion gold marks)

1922

France enters ruhr to force germany to pay repirations
inflation increased

treaty of saint germain

Treaty that formally ended the war with Austria-Hungary

treaty of trianon

took more than 70% of Hungary's territory to create the new nation-state of Czechoslovakia

Treaty of Neuilly

transferred parts of Bulgaria's territory to Greece, Romania and Yugoslavia

treaty of serves

divided land of east turkey as mandates between france and britain to adminster as league of nations

inflation

the increase of price of goods and services over time (usually annually)

deflation

the decrease in the price of goods and services in an economy

measuring inflation

Comsumer Price Index is used to measure the rate of inflation

What does gradual inflation indicate?

gradual inflation is unavoidable and it is a sign of a healthy economy

what is the corelation between GDP and inflation

Higher GDP = Greater inflation

branches of GOV concerned for indicators

RBA and Governments treasury

the goal of national banks

th foster financial stability and a financial system

what does a country look at to measure its economy?

GDP

what does G stand for in GDP?

Tax and other deductions that are not taken into account

what does D stand for in GDP

D stands for productions within a country

The meaning of P in GDP

The total final goods and services

Final goods

a good or service that is consumed by the consumer and will not requiere further processing

total market value

The total market value refers to the overall value of a company, asset, or market, based on the current prices of its components.

Types of GDP

Nominal GDP= Unadjusted GDP Real= Adjusted from inflation

GDP/person

GDP/capita

important section of GDP

Economists place a greater importance on the rate of change in GDP(Rate of economic Growth)

what is the unit of expression of GDP

percent(%)

target GDP

3-4 percent/ year

How is GDP mesures over a year

Quarterly

GDP less that 3% means

not meeting needs and wants

GDP more than 4% means

Growing too fast and likely unsustainable

under what circumstaces would a person be considered unemployed

If they are under over 15 and unemployed and actively looking for a job

Labour force

Unemployed + Employed

unemployment rate

The percentage of the people in the labour force that are unemployed

Unemployment rate target

4-4.5%

fictional unemployment

unemployment that results from people being in the process of moving from on job to another

percentage of unemployment that fictional unemployment accounts for

1-2%

estimated time period of fictonal unemployment

4 weeks

cyclical unemployment

unemployment that results from the decrease in demands for goods and services

structural unemployment

unemployment caused by change in consumer demand

what percentage does unemployment does structural unemployment account for

3-4%

what is CPI

Consumer Price Index (CPI) a measurement of the price change of a market basket purchased by Australian households every quarter

effect of inflation

consumers must pay more if they wish to uphold their standard of living. producers also need to pay more for their resources

Gross Domestic Product

(GDP) the total monetary value of all goods and services produced by a country in a certain time period (usually a year)

Why is it important to use multiple measurements of economic growth, such as inflation and GDP?

a single measurement alone does not paint a perfect picture of our economy. for example, GDPs do not take in account everything

What do GDPs not account in the calculation?

Having enough leisure time · Spending time with family and friends · Contributing to the community · Having a job that you find rewarding · Enjoying nature · Having good health · being in a pollution free environment

why is measuring GDP important

Measuring economic growth through GDPs is also important so we, as a country, can see if what we're doing is leading to an increase or decrease in our economy

why is measuring inflation important?

so we can know what we're doing right or wrong for our economy. Also, individually it allows consumers or producers to know what best to do for themselves in this rapidly changing economy

what is the major reason of inflation

stronger demand for resources. This causes shortages and therefore increased prices to compensate for the lack of resources.

Why is sometimes inflation balanced?

because wages do increase alongside inflation

who loses in inflation?

people who's wages do not increase fast enough to keep up with inflation

Why is inflation important?

Inflation is important because it affects the purchasing power of money, economic growth, interest rates, and investment decisions, shaping overall financial stability and policy.

What is the relation between the CPI and inflation?

The higher the CPI, the higher the inflation

Define CPI

Consumer Price Index (CPI) a measurement of the price change of a market basket purchased by Australian households every quarter

eonomic growth

the amount of products being produced per person in a certain time period

What is the relationship between the GDP and economic growth?

If the GDP increases, it means there has been economic growth

Why is it important to use multiple measurements of economic growth, such as inflation and GDP?

a single measurement alone does not paint a perfect picture of our economy. for example, GDPs do not take in account everything

why is economic growth important

Economic growth is important because it leads to higher living standards, increased job opportunities, improved public services, and a greater capacity to invest in infrastructure and innovation, driving long-term prosperity.

What is the relationship between unemployment rate and economic growth?

Higher unemployment rate = lower economic growth

Why are many people unemployed?

If production or GDP and spending is low businesses may: · Cut back on staff to reduce costs · Cease the lookout for any new staff If competition overseas is tough, businesses may have to relocate to other countries or shutdown, shutting down more employment opportunities here Automation is also revolutionizing the work force, cutting down on many employed people because it's able to do the work of many men quicker and without break

Why is studying the unemployment rate important?

because it allows us to understand whether our economy is doing right by the people in the labour force

What are unemployment rate consequences?

the government collects less revenue in taxes · must pay to help the unemployed in social benefits and welfare programs · reduced standard of living · loss of skills from the work force · and psychological effects from not working such as depression

What is the relationship between unemployment rate and economic growth?

Higher unemployment rate = lower economic growth

why might there be stronger demand for resources and therefore increased purchasing?

Stronger demand for resources and increased purchasing can occur due to factors like economic growth, higher consumer confidence, population growth, or increased government spending, all driving greater consumption and investment.

what happens to businesses who are importing things if the australian dollar value falls?

they have to pay more for those products

Depreciation

when a product loses value due to wear and tear

What is the upside of automation?

While automation, able to do the work of many men without needing breaks, will cut out lower-end jobs, it will present more opportunities of higher end jobs that robots cannot do

Living standard

the level of wealth, material goods, comfort and life necessities available to people living in a certain area

busness cycle

the business cycle is the fluctuation of economic activity in an economy over a period of time

indicators included in Business cycles

GDPInflationunemployment rate consumptionbalance of pamentinterest rateforeign exchange

business cycle is a model that shows changes in

REAL GDP

GNI

Gross National Income (GNI) is the total income earned by a country's residents, both domestically and internationally.

human development index

The Human Development Index (HDI) is a composite index used to measure and compare the overall well-being and quality of life in different countries

quality of life index

The Quality of Life Index is a measure used to assess the overall well-being and life satisfaction of individuals in a particular region or country

The Sustainability Index

The Sustainability Index is a measure that evaluates a country or region's commitment and performance in terms of environmental, social, and economic sustainability

expansion

An expansion in the business cycle refers to a phase where the economy is growing, typically characterized by rising levels of economic activity

peak

A peak in the business cycle is the point at which the economy reaches its highest level of activity before it starts to decline.

Trough

A trough in the business cycle is the lowest point, representing the end of a recession or contraction and the beginning of a new expansion

contraction

A contraction in the business cycle is a period of economic decline or slowdown. It represents the phase after the peak and before the trough

trend line

A trendline is a straight line that is used to represent the direction or pattern of data over time in various types of analysis, including economics, finance, and statistics