Hass notes

What are living standards?

The level of wealth, comfort, and access to goods and services that people in a country have.

How do living standards relate to a country's economy?

When an economy grows and produces more goods and services, people usually earn more income and can improve their quality of life.

What is GDP per capita?

A measurement that divides a country's total economic output by its population to estimate average income per person.

What is one limitation of GDP per capita?

It does not show how income is shared between people, which can conceal poverty in a wealthy country.

What is the Human Development Index (HDI)?

An index that combines average income, life expectancy, and education levels to measure living standards.

What factors are often associated with high living standards?

Strong education systems, advanced healthcare services, good infrastructure, and stable governments.

What role do governments play in improving living standards?

They promote economic growth, create jobs, improve education, and provide public services.

What is income distribution?

How money earned from work, businesses, and investments is shared among individuals and households in an economy.

What is wealth distribution?

How assets like property, savings, and investments are shared across the population.

What causes differences in income distribution?

Factors such as education levels, job opportunities, skills, experience, and access to resources.

How do governments attempt to reduce inequality?

Through redistribution policies that move income from wealthier individuals to those with lower incomes.

What is progressive taxation?

A tax system where people with higher incomes pay a larger percentage of their earnings in taxes.

What economic management tool involves government decisions about taxation and spending?

Fiscal policy.

What is the function of monetary policy?

It involves adjusting interest rates to influence borrowing, spending, and investment in the economy.

What happens when interest rates are low?

Borrowing becomes cheaper, encouraging businesses to invest and consumers to spend money.

What is ethical decision-making in business?

Making choices that are morally responsible and fair to all stakeholders affected by the business actions.

What are some ethical practices businesses might adopt?

Paying fair wages, ensuring safe products, and avoiding misleading advertising.

How has the work environment in Australia changed recently?

Due to advances in technology and the global economy.

What is the fourth industrial revolution?

The integration of digital technologies such as AI, robotics, and advanced computing into workplaces.

What impact did World War II have on the Australian home front?

Civilian activities were reorganized, rationing was introduced, and women's roles in the workforce expanded.

What is one significant outcome of World War II for Australia?

Strengthened alliance with the United States and significant social and economic changes.