HASS Term 2 Test

competitive advantage

gives a business the ability to outperform other similar businesses in the market, offering better prices, quality, marketing

innovation

changing an existing process or product so it is more effective than before

exports

items produced in Australia and sold overseas, iron, coal, china, japan- injection

imports

items produced overseas, sold in Australia- vehicles, clothing,- china, us- leakage

Trade Benefits

household- wider range, cheaper, quality, Firms- sell to wider market, cheaper production

full circular flow of income

household- resources, expenditure firms- income, output, Financial sector- savings, investments, Government Sector- taxation, gov spending, Overseas sector- imports, exports- all connected and interdependent, shows how money and product/resources flow through economy

Australia dependence

dependent on international trade to boost economy, imports and exports, jobs, income

globalisation

process that involves all countries of world being linked together, resulting in an exchange of views, ideas, products and culture

Australia’s main trading partners

China, Japan, South Korea, US

supply chain

many links or activities required to move a product or service from a supplier to consumer, countries depend on each other for resources, if one link breaks all affected

World of work changing

technology, more flexible, demand for digital skills, globalisation, changing consumer needs

enterprise

initiative and willingness to undertake new projects and risks to achieve success.

soft skills

personal qualities which allow a person to effectively interact with other people in a harmonious manner

hard skills

technical skills that are teachable and can be measured like writing, using a computer

Roles and Responsibilities Employees

follow reasonable instructions, duties to best ability, policies, respect colleagues and customers, report hazards problems

Roles and Responsibilities Employers

provide safe workplace, fair wages, conditions of employment, training, communicate clearly

Protecting workers from discrimination

ensures everyone is treated equally despite, race, gender, disability creating a safe and respectful workplace where people valued for skills, boosts morale, prevents legal issues, inclusitivity

transnational corporation

company that operates in more than one country, main office in one , factories and stores in other, impacts- create jobs, investments, influence local economies, globalisation

Leakages

leaves Australian economy, savings, taxation, imports, reduce amount of money flowing through economy

Injections

comes into Australian economy, investment, gov spending, exports, increase amount of money flowing through economy

Resources

items used in the production of goods and services, CELL, owned by households

Output

production of goods and services by firms

Income

payment received by workers when employed by firms

Expenditure

spending by households on goods or services

interdependent

how we rely on each other to satisfy our needs and wants

production possibility curve

model that shows all the combinations of goods and services that can be produced by an economy given all the available resources and level of technology

china trading partner

buy large amounts of our exports- iron ore, coal and provide us with cheap imports- electronics, machinery