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Criminal law
law involving cases where the parliament has declared some action to be illegal
Dorothy Dixer
a rehearsed question asked of a government Minister by a backbencher of their own political party
consumer/household sector role
made up of consumers who own land, labour, capital, enterprise.
consumers buy from services so businesses can use this money to expand businesses
hung parliament
When two major parties have same number of seats in the House of Representatives in an election = a 'hung parliament'
Neither side is in a position to form a government on its own
Minor representatives or independents have to decide to support one or the other side leading to a party forming government
Anarchy
disorder or confusion due to the absence of government or laws
Ballot Paper
a piece of paper on which a voter records her or his vote.
Budget Deficit / Surplus
A budget deficit occurs when government expenses exceed revenue. A budget surplus occurs when revenue exceeds government expenditure.
Cabinet
the group of select government ministers that meets regularly to decide major issues of government
Circular Flow Model
a model of the economy which shows how money and goods and services move between different economic agents in the economy.
Company Tax
direct tax levied on the income or capital of corporations and other similar legal entities.
Committal Hearing
a hearing in a Local Court to decide whether there is enough evidence to put a person on trial for an indictable (serious) offence
Constitution
a document that outlines the powers of the parliament
Democracy
a system of government where political power lies with the people
Direct Tax
Taxes imposed directly onto the incomes of individuals and companies e.g. income tax and company tax
Economy
all activities undertaken for the purpose of production, distribution and consumption of goods and services in a region or country
Entrepreneurship
setting up a business or businesses, taking on financial risks in the hope of making a profit
Judge
a court official who has the power to make decisions on matters brought before a court of law
Law of Supply
As the price of a good or service increases, the quantity of goods or services that producers are willing and able to offer will increase. The law of supply says that as the price of an item goes up, suppliers will attempt to maximise their profits by increasing the number of items for sale.
Microeconomics
the study of economics at the level of the individual firm, industry or consumer/household
What is a minority government?
A political party does not have a majority of overall seats in the parliament but they have still formed a government.
What is parliament?
Consists of two Houses (the Senate and the House of Representatives), and the King, represented in Australia by the Governor General.
What is public law?
Deals with disputes that affect the community.
What is seasonal unemployment?
Occurs when people are unemployed at particular times of the year when demand for labor is lower than usual. (eg someone who works at a holiday resort)
What is the Senate?
The upper house of the Federal Parliament, consisting of 76 senators.
What is separation of powers?
The functions of government are spread across the legislative, executive, and judiciary.
How are small businesses defined?
Annual turnover of $10 million or less and fewer than 20 employees.
What are statute laws?
Laws made by parliament.
What is the stock market?
Place where shares in public companies are bought and sold.
What is structural unemployment?
Involuntary unemployment caused by a mismatch between worker skills and employer demands.
What causes structural unemployment?
Technological changes that make job skills obsolete.
(e.g manufacturer has new machinery that does human job)
What is a tort?
Civil wrong that causes loss or harm.
government sector role in flow model
taxation (leakage) collects tax from incomes
gov expenses (injection) uses this money on health, education, welfare, infrastructure
price mechanism
refers to how forces of the amount of demand and supply will decide the price and supply of a certain good or service.
Market equilibrium:
the point where demand and supply curve intersect
It is the point where the sellers and the consumers agree on a price and will be willing to exchange the good or service for money.
Financial market
intermediaries/negotiators between savers and borrowers in an economy.
Saving or depositing into a bank
Online businesses
Using internet
Electronic commerce (e-commerce) Allow people to buy internationally and look through variety of goods and services
Offshore businesses
Businesses get their functions done in other countries
Take advantage of cheaper production in developing countries results in cost savings
E.g sweatshops
features of a recession
income and production low, high unemployment, low inflation, demand low, unused resources, interest rates are low, few investment opportunities
features of an economic boom
consumer and business confidence is high, economy cannot keep producing goods and services infinitely, income and production at highest level, full use of all resources, high salaries, businesses compete for scarce amount of workers available, increases in demand = increase in price, quick rise of inflation
what is a market and examples
any situation where buyers and sellers exchange good and services
- retail
- labour (jobs)
- financial (bank)
- stock
3 reasons for government intervention in the market
- energy pricing (coal and petrol)
- preventing environmental degradation (creating regulations, ban littering)
- conserving natural resources (stop overuse)
entrepeneurship
someone willing to take risks and has the qualities required to turn an idea into successful business
why is CSR good for business
CSR = consider the interest of stakeholders, society and environmental
consumers find out businesses demonstrating good or bad csr and reward them accordingly by purchasing products
may cost more in short term but is more beneficial in long term
causes of the GFC
- lehman brother collapse
- USA house prices rise
- interconnectedness from trade meant flow on effects
impact on businesses from GFC
- business couldn't invest as credits limited
- export challenges
- reduced demand for Aus exports
- stock market chaning rapidly
- reduced economic growth from reduced spending
supreme court
highest in STATE
serious criminal matters, murder, treason
appeals from local and district courts
high court
no jury, in canberra, appeals from state court, concerning the constitution
laws affecting parliament
decision applies to whole country
circle sentencing
to remove barriers between indigenous and legal system
- representatives, elders, victims gather to talk and decide appropriate punishment
parts of law of tort
negligence: not taking care
defamation: injuring other's reputation
nuisance: interfering with peoples rights to quietly enjoy property
tresspass: interfere with property
rights and responsibilities of australian
rights:
freedom of speech, leave country with passport, protected from discrimination, apply to work with police
responsibilites: enrol to vote, pay taxes
what are independents in political parties
Those not belonging to political party
Powerful position when there is no majority
Relies on independents to support Bills passing
parliamentary majority
Principle that the party with the majority of seats in the House of Representatives forms the government, and the leader of said party becomes prime minister
Minority Government
When a government has fewer seats than the Opposition, but is still able to be governing party because it has support of crossbenchers
separation of powers and why it exists
legislative - makes laws, executive - enforces laws, judicial - judges swear to uphold principles of fairness and justice
balances power, to protect citizens and share functions
acts as a safeguard by ensuring no branch has too much power and that the democratic process occurs fairly
judicial branch
court system to resolve disputes and uphold justice and fairness
barriers to accessing law and justice
cost, time, distance, procedures/knowledge, language barrier
types of income
earned/factor income: from wage
unearned: from property or assets paying in rent and dividend
transfer payments: from gov subsidies
income in kind: substituting income for good or service (company car)
aus top import goods
Personal travel
Motor vehicles
Petroleum
Telecommunications equipment
Freight services
positive effects of imports
- range for consumers to buy
- aus producers forced to be more efficient and compete
- other countries will buy exports from us
- peaceful relationships
negative impacts of globalisation FOR TRADE
unfair working conditions for workers in poorer countries
Large multinational corporations may shift production to poorer countries so labour is cheaper
Workers forced to work long hours in unsafe and unhealthy factory environments
Multinational corporations (MNCs) locate in countries where there is not as much environmental regulation
Exploitation/taking advantage of natural resources
Damage to natural environment with no benefit to local communities
Aggregate Demand
measures the total amount of demand for all finished goods and services produced in an economy
Barter
the swapping or exchanging of one good for another
Depression
a severe contraction in the level of economic activity resulting in many business failures, high and sustained levels of unemployment and sometimes falling prices
Globalisation
a process in which national economies have become increasingly inter-connected and inter-dependent
International Trade
is the exchange (buying and selling) of goods and services between different countries
What is real GDP?
The total value of all goods and services produced in a country in a given period of time (usually a year) adjusted for inflation.
What is a subsidy?
Cash payment by the government to help producers compete.
financial sector role in flow model
intermediaries between savers and borrowers in the economy. They receive savings from individuals and businesses and lend this money to others.
types of businesses
online, on demand, small and large, global (TNC), offshore (sweat shops), government (aus post), non for profit (charities)
negative impacts of globalisation for BUSINESS
- increased competition for consumers attention against global businesses
- increased unemployment as they cannot compete with cheap imports (some industries)
- environment issues: transport means greenhouse gas, and countries begin to rely on fossil fuels
- social issues: workers are exploited and moved around often
role of jury, and what they must do
be independent and decide what they believe happened based on evidence heard in court
must: listen, put aside bias, be fair, understand
statutory interpretation
judges interpreting words in laws that are made by parliament, their meaning must apply to cases from now on
liberal party aims
Government minimises taxes and interference in daily life
Encourages private businesses and doesn't compete with them
Humane society where role of law and justice are maintained
causes of income inequality
Economic downturn mean businesses cut production, people work less or are unemployed
People with low income suffer during inflation, no purchasing power
Capitalist economic system: those with 'better labour' receive higher wages
why do we export
to help pay for the goods and services we import
gets rid of excess specialised goods
created jobs, allows businesses to develop efficient methods
aus top import countries
China
United states
South korea
Japan
Germany
negative effects of imports
- jobs lost to cheaper labour
- imported resources can lower employment
- affect exchange rate of AUD
- harmful species and diseases enter country
positive impacts of globalisation for trade
Globalisation a driving force for economic growth
New markets created from free trade
Selling more = more profit
Companies and workers become wealthier
Standard of living improves
Resources used efficiently to produce goods and services
Business Cycle
the cyclical fluctuations in the general level of economic activity
Budget
The budget is a document outlining where the government plans on receiving money (receipts) and where it intends to spend that money (expenditure).
Civil Law
deals with non-criminal matters involving disputes between individuals and organisations
Common Law
laws which are developed by judges on a case by case basis, building on the precedent and interpretation of earlier court decisions.
Consumer Price Index (CPI)
measures the overall change in consumer prices based on a representative basket of goods and services over time.
Corporate Social Responsibility
when businesses consider the interests of stakeholders, society and the environment when making economic and business decisions
Constitutional Monarchy
a form of government in which a non-elected monarch acts as the head of state. There are usually constitutional limits on their power
Court
a place where people can resolve disputes relating to law
Customary Law
comprehensive systems of governance in Aboriginal and Torres Strait Islander cultures, including ownership and custodianship, caring for Country/Place responsibilities, kinship, ceremonial duties, marriage and childcare, as well as sanctions and dispute resolution processes
Cyclical Unemployment
unemployment rises and falls with changes in the economic cycle. (e.g GFC workers were laid off)
Economic Growth
a measurement of the increase in a country's gross domestic product (GDP)
Economies of Scale
the cost advantages to a business due to their scale of operation
Exchange Rate
the value of one nations currency in terms of another.
Exports
goods and services sold by local (Aus) businesses to overseas consumers
Federal Parliament
the House of Representatives and the Senate
Fiscal Policy
the use of the federal government's budget (adjusting spending levels and tax rates) to achieve economic objectives.
Foreign Direct Investment (FDI)
when a firm or an individual establishes physical assets in another country
Free Trade Agreement
an international treaty between two or more economies that reduces or eliminates certain barriers to trade in goods and services, as well as investment.
Frictional Unemployment
occurs when people are in between jobs. For example, a school-leaver may take some time to get their first job.
Gross Domestic Product (GDP)
the total value of all goods and services produced in a country in a given period of time (usually a year)
GDP per capita
the total value of all goods and services produced in a country in a given period of time (usually a year) divided by its total population.
House of Representatives
the lower house of Federal Parliament, sometimes called the people's house. It currently consists of 151 members who represent each "electorate" or "seat".