HASS REVISION
Name and briefly outline the 6 economic indicators
GDP: Total value of goods * services produced, shows economic health.
Unemployment Rate Percent of Job-seeking employment people, lower is better.
inflation Rate : Rise in prices over time, moderate is nomal, high is barful interest Pates "Cost of borrowing many, lowsr rates boost spending.
Consumer Confidence i How optimistic people feet, higher confidence
-boast spending.
Balance of trade + Difference between exports and imports, affects economs stabilty-
Human development : measurs country's development based en life expectangy, education income.
Better life: Il factors to measure general economic + social welbeing across the countries.
Sustainability indexes a number of measure Used to compar the sustainability
Define unemployment and unemployment rate. What is Australia's unemployment rate?
Unemployment: When people who want work but cant find jobs.
Unemployment Rate: The percentage of jab-seeking on employed people in the labour force.
Australias unemployment rate: As of November 2024, Australias unemployment rate is 4.1%.
Describe the 4 different types of unemployment
Structural: Caused by mismatches between skills and job requirements.
Frictional: Short -ter, due to people moving betueen jobs.
Cyclical = Linked to economic downtums, where demand for labar decreases.
Seosonol: occurs in jobs that are only needed at certain times of the year
Define the inflation rate and identify the rate the government targets:
Measures the rate at which the general prices in a particular economy has risen over a year.
The tanget rate of the Australian government is 2-3%..
What are interest rates?
* Interest rates are rates that household businesses and goverment pay to borow money and recieve for saving money.
Define monetary policy & fiscal policy
monetary policy: RBA is Australians Central Bank. It carries out
"monetary policy' to influence the economy (either speeding it up or showing it down). The main way RBA conduct monetary policy is by getting up a target for the cash rate a very important interest rate that households, business + government pay to barrau money. Fiscal Policy: summarises the govement +eiere for spending commitments + collection of takes from household + busines. Government spending is a component of GDP.
Draw the business cycle and annotate the 4 stages found in it.
Explain what the Human Development Index (HDI) measures:
A measurement of human development based on expected lifespam eededucation + adverage income in a country.
measured from 0-1, higher HDI sugpst a higher standard of living.
Australia sit around 0.95%
Explain what the Gini co-efficient measures:
Gini co-efficient: a way of measuring + comparing income inequality between countries if only a few people that are very rich earn more majority money, the number is closer to l- If it is evenly distributed its closer to 0. Australia is 0.33 + Brazil + south australia is closer to 1.
Define standard of living:
standard of living refers to the amount of money + comfort people have in their society. The economic theory aims to understand. How people + countries can improve their standards of living if inflation increases, standard of living deacases. A higher HDI suggest a higher standard of living.
What are some causes for differences in living standards?
An increase in inflation decreases the standard of living + decreased of inflation increases 'standard of living' unemployment
'poverty' rate inflation effects living standards.
What is the difference between income and wealth and give examples:
Income is the flow of money coming to a person whereas wealth refers to the value of all the assets a person our income includes wages from work, rental payments from property interest from saving, profits or dividends, from being ashare holder. wealth includes saving ownership of a property shares in companies. Crypto currency supperannuations + art or collectables.
How can access to education effect wealth?
More education or better education means more knowledge +
Stills for higher + harder paying jobs = higher wages.
Explain the poverty trap
A family is in poverty → their chillid grows up in poverty → no maney means a not very good education or none at all. + o disadvantage in education + skills → struggles to get a job → fails to escape poverty cycle → cycle repeats.
MAKING FINANCIAL DECISIONS
Briefly describe some factors that influence consumer choices
Price: A critical factor if price of an item rises demand for it will fall. Marketing: products are promoted + sold through advertising campains - Tv, newspaper, bill boards. An effective campain will increase demand by raising awareness. Main goal is to make something you need, not want. Trends : Changes in fashion can lead to ds short term change in demand patterns.
Business that link to trends can struggle to maintain long term availability when demand decreases. Ethical environmental consideration: mole aware of health + socialrenvior impacts of their buying decisions.
What are some ethical, health or environmental considerations a consumer might make?
They might look into whether the business has environmental consideration for the environment. They also may look at the background information of the company to see its history
Define the 3 types of marketing (associative, dissaciative, aspirational):
Aspirational - a product on service related to a grap of people than an individuals aspires to emulate + looks up to i athletes recording artists wealthy. Associative: marked as a product or senice related to group with which we feel an affliation with + try to _up hold norms -friends, co workers.
Dissaciative: highlights the group of individuals won dnt wont to be associated with - 'uncod or out of touch with older generations.
Define business productivity
arbusiness
A measure of the efficiency with which an economy
transfoans
imputs (Diabour + capital) into outputs than me given inputs.
jabour productivity = total goos + services produced / total of
hours worked.
Describe the two types of training that could increase productivity
Advancing their staff requirements, meaning having more trained staff, another is adancing in technology, to help run business more smoothly.
Define wellbeing
The ability for people to access the things they need or required in order to live happy and content lives. No matter the living situation, all people requirements are the same
What does LDC and MDC stand for? Give 2 examples of each.
LDC - less developed countries e.g. Indonesia and Africa
MOC - More developed countries c.g. Australia and United Kingdom
What is the difference between qualitative and quantitative indicators?
Qualitative data is a humber based, like an election, but qualitative data is interpretation - based, like a prediction of something.
Outline the purpose of the Millennium Development Goals
They have eight goals and measureable tanger, far improving the lives of people whe are poorest people, (reducing poverty, hunger. disease. lack of shelter, genter equality, heath, education and environmental susteinability).
Explain 3 barriers to a better wellbeing. What country is experiencing this?
Indonesia - comrupt gavemment, lack of funding, high population and from this people cant find places to live and become homeless
Environmental change
Define over-exploitation
Over-exploitation refers to the large
extraction of natural
resources like forests, at the rate faster then the forrest can grow.
Ust 2 consequences of over exploiting the world's fisheries
Others species will over populate and they'l harm the environment and fian population will reduce also haming the environment.
Explain 2 consequences of rapid population growth
Not being able to house all these people, leading to homelessness and housing crisis, then land has to be cleared so bish land are and forests get destrayed.
Explain 2 causes of biodiversity loss. Why is biodiversity important to humans?
Biodiversity is all living
things in one environment all having
contributing factor into a 'healthy' environment.
Define climate change
Climate change is a worldwide problem. Climate change is the using temperatures and pollution done by humans. Rising sea levels, stranger and bigger natural disasters highey temperatures and
more.
Name the 3 main Greenhouse gases and their natural and human sources (where they came from) i carton iorite - Notrol resources: Respiration, vocanic empress.
Decomposition of Organic matteri, Human Resources: Buring fossil frels, deforestation, cement production. lL. Methane - Natural: wetlands, ocean.
* fresh water. Human Agriculture, landfills, fossil fue extraction. 3. Nitrous Oxide - Natural: microbial activity inoceans + soils, Lightning- Human: buming fossil fuels, synthetic fertiliser in Agriculture.
Describe 3 impacts of climate change
1. Rising global temperatures
→ Impacts: heat waves + droughts + intense wildfires.
> Examples: melting glaciers + polar ice caps, recod breaking heatwaves.
2. Sea level Rise
→ Impacts: melting ice + flooding "arosion.
→ Examples = low-lying ost areas risk of disafearing (Maldives *Bangled est)
3. Extreme Weather Events
→ Impacts: more frequent storms + hurricanes + heavy rainfall.
*Examples: Severe flooding (2012) Pakistan, Hurricone Katrinal.
Describe 2 ways people can manage climate change
Mitigation (reducing Greenhouse gases emissions)
→ use renewable energy (solar, wind) + use public transport or eletric chaiclee .
Adaption (to climate impacts)
→ Build defences (seqwalls) + develop drought resistant crops.
Describe three negative impacts people have had on the coast and how we manage it. (eg - Dirk
Hartog Island) Coastal frosion - caused by constuction, sand minging * removal of natural vegetation.
management: Build seawalls + plant vegetation + restrict sand mining.
Pollution - Fram sewage + plastic - waste dump rio the ocean. management: Enforce stricter laus on dispose of waste clean up graps.
Habitat Destruction - Destrustion of mangroves + coral reefs+ dunes for tourisin and devlopment.
mangement: Establish protected areas and restore damaged ecosystems.
Briefly outline the 3 major environmental world views:
Anthropecentric (Human) → Humans are most important + have right to use nature to their berefit. focuses on economic growth.
Ecocentric (Earth) → Emphasises value of living things. Protect ecosystems.
Technocentric → Believe technology can solve environmental problems, allowing development + resources use sustainability.
Define ecological footprint:
Measures the amount of natural rescurces (land + water tenergy) a person + community or country uses to suppent their lifestyle and absorb waste.