Y10 - Commerce Yearly Exam w/ Glossary

studied byStudied by 1 person
0.0(0)
get a hint
hint

Criminal law

1 / 177

encourage image

There's no tags or description

Looks like no one added any tags here yet for you.

178 Terms

1

Criminal law

law involving cases where the parliament has declared some action to be illegal

New cards
2

Dorothy Dixer

a rehearsed question asked of a government Minister by a backbencher of their own political party

New cards
3

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

New cards
4

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

New cards
5

Anarchy

disorder or confusion due to the absence of government or laws

New cards
6

Ballot Paper

a piece of paper on which a voter records her or his vote.

New cards
7

Budget Deficit / Surplus

A budget deficit occurs when government expenses exceed revenue. A budget surplus occurs when revenue exceeds government expenditure.

New cards
8

Cabinet

the group of select government ministers that meets regularly to decide major issues of government

New cards
9

Circular Flow Model

a model of the economy which shows how money and goods and services move between different economic agents in the economy.

New cards
10

Company Tax

direct tax levied on the income or capital of corporations and other similar legal entities.

New cards
11

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

New cards
12

Constitution

a document that outlines the powers of the parliament

New cards
13

Democracy

a system of government where political power lies with the people

New cards
14

Direct Tax

Taxes imposed directly onto the incomes of individuals and companies e.g. income tax and company tax

New cards
15

Economy

all activities undertaken for the purpose of production, distribution and consumption of goods and services in a region or country

New cards
16

Entrepreneurship

setting up a business or businesses, taking on financial risks in the hope of making a profit

New cards
17

Judge

a court official who has the power to make decisions on matters brought before a court of law

New cards
18

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.

New cards
19

Microeconomics

the study of economics at the level of the individual firm, industry or consumer/household

New cards
20

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.

New cards
21

What is parliament?

Consists of two Houses (the Senate and the House of Representatives), and the King, represented in Australia by the Governor General.

New cards
22

What is public law?

Deals with disputes that affect the community.

New cards
23

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)

New cards
24

What is the Senate?

The upper house of the Federal Parliament, consisting of 76 senators.

New cards
25

What is separation of powers?

The functions of government are spread across the legislative, executive, and judiciary.

New cards
26

How are small businesses defined?

Annual turnover of $10 million or less and fewer than 20 employees.

New cards
27

What are statute laws?

Laws made by parliament.

New cards
28

What is the stock market?

Place where shares in public companies are bought and sold.

New cards
29

What is structural unemployment?

Involuntary unemployment caused by a mismatch between worker skills and employer demands.

New cards
30

What causes structural unemployment?

Technological changes that make job skills obsolete.

(e.g manufacturer has new machinery that does human job)

New cards
31

What is a tort?

Civil wrong that causes loss or harm.

New cards
32

government sector role in flow model

taxation (leakage) collects tax from incomes

gov expenses (injection) uses this money on health, education, welfare, infrastructure

New cards
33

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.

New cards
34

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.

New cards
35

Financial market

intermediaries/negotiators between savers and borrowers in an economy.

Saving or depositing into a bank

New cards
36

Online businesses

Using internet

Electronic commerce (e-commerce) Allow people to buy internationally and look through variety of goods and services

New cards
37

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

New cards
38

features of a recession

income and production low, high unemployment, low inflation, demand low, unused resources, interest rates are low, few investment opportunities

New cards
39

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

New cards
40

what is a market and examples

any situation where buyers and sellers exchange good and services

- retail

- labour (jobs)

- financial (bank)

- stock

New cards
41

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)

New cards
42

entrepeneurship

someone willing to take risks and has the qualities required to turn an idea into successful business

New cards
43

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

New cards
44

causes of the GFC

- lehman brother collapse

- USA house prices rise

- interconnectedness from trade meant flow on effects

New cards
45

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

New cards
46

supreme court

highest in STATE

serious criminal matters, murder, treason

appeals from local and district courts

New cards
47

high court

no jury, in canberra, appeals from state court, concerning the constitution

laws affecting parliament

decision applies to whole country

New cards
48

circle sentencing

to remove barriers between indigenous and legal system

- representatives, elders, victims gather to talk and decide appropriate punishment

New cards
49

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

New cards
50

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

New cards
51

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

New cards
52

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

New cards
53

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

New cards
54

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

New cards
55

judicial branch

court system to resolve disputes and uphold justice and fairness

New cards
56

barriers to accessing law and justice

cost, time, distance, procedures/knowledge, language barrier

New cards
57

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)

New cards
58

aus top import goods

Personal travel

Motor vehicles

Petroleum

Telecommunications equipment

Freight services

New cards
59

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

New cards
60

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

New cards
61

Aggregate Demand

measures the total amount of demand for all finished goods and services produced in an economy

New cards
62

Barter

the swapping or exchanging of one good for another

New cards
63

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

New cards
64

Globalisation

a process in which national economies have become increasingly inter-connected and inter-dependent

New cards
65

International Trade

is the exchange (buying and selling) of goods and services between different countries

New cards
66

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.

New cards
67

What is a subsidy?

Cash payment by the government to help producers compete.

New cards
68

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.

New cards
69

types of businesses

online, on demand, small and large, global (TNC), offshore (sweat shops), government (aus post), non for profit (charities)

New cards
70

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

New cards
71

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

New cards
72

statutory interpretation

judges interpreting words in laws that are made by parliament, their meaning must apply to cases from now on

New cards
73

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

New cards
74

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

New cards
75

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

New cards
76

aus top import countries

China

United states

South korea

Japan

Germany

New cards
77

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

New cards
78

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

New cards
79

Business Cycle

the cyclical fluctuations in the general level of economic activity

New cards
80

Budget

The budget is a document outlining where the government plans on receiving money (receipts) and where it intends to spend that money (expenditure).

New cards
81

Civil Law

deals with non-criminal matters involving disputes between individuals and organisations

New cards
82

Common Law

laws which are developed by judges on a case by case basis, building on the precedent and interpretation of earlier court decisions.

New cards
83

Consumer Price Index (CPI)

measures the overall change in consumer prices based on a representative basket of goods and services over time.

New cards
84

Corporate Social Responsibility

when businesses consider the interests of stakeholders, society and the environment when making economic and business decisions

New cards
85

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

New cards
86

Court

a place where people can resolve disputes relating to law

New cards
87

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

New cards
88

Cyclical Unemployment

unemployment rises and falls with changes in the economic cycle. (e.g GFC workers were laid off)

New cards
89

Economic Growth

a measurement of the increase in a country's gross domestic product (GDP)

New cards
90

Economies of Scale

the cost advantages to a business due to their scale of operation

New cards
91

Exchange Rate

the value of one nations currency in terms of another.

New cards
92

Exports

goods and services sold by local (Aus) businesses to overseas consumers

New cards
93

Federal Parliament

the House of Representatives and the Senate

New cards
94

Fiscal Policy

the use of the federal government's budget (adjusting spending levels and tax rates) to achieve economic objectives.

New cards
95

Foreign Direct Investment (FDI)

when a firm or an individual establishes physical assets in another country

New cards
96

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.

New cards
97

Frictional Unemployment

occurs when people are in between jobs. For example, a school-leaver may take some time to get their first job.

New cards
98

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)

New cards
99

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.

New cards
100

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".

New cards

Explore top notes

note Note
studied byStudied by 6 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 3 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 12 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 3 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 48 people
Updated ... ago
4.0 Stars(3)
note Note
studied byStudied by 7 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 4068 people
Updated ... ago
4.5 Stars(13)
note Note
studied byStudied by 207 people
Updated ... ago
5.0 Stars(2)

Explore top flashcards

flashcards Flashcard37 terms
studied byStudied by 88 people
Updated ... ago
5.0 Stars(2)
flashcards Flashcard144 terms
studied byStudied by 1 person
Updated ... ago
5.0 Stars(1)
flashcards Flashcard155 terms
studied byStudied by 16 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard55 terms
studied byStudied by 22 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard69 terms
studied byStudied by 2 people
Updated ... ago
5.0 Stars(3)
flashcards Flashcard64 terms
studied byStudied by 112 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard298 terms
studied byStudied by 24 people
Updated ... ago
5.0 Stars(5)
flashcards Flashcard38 terms
studied byStudied by 25 people
Updated ... ago
5.0 Stars(1)