Consumption refers to the act of using goods and services, while consumerism is a social and economic ideology that encourages the acquisition of goods and services in ever-increasing amounts.
Advantages: Economic growth, innovation, variety of goods, and improved living standards.Disadvantages: Environmental degradation, overconsumption, social inequality, and materialism.
Minimalism is an attainable alternative, promoting intentional living with less. It encourages individuals to prioritize experiences over possessions, making it practical and sustainable.
Holding onto consumerism due to its link to wealth is problematic; it perpetuates inequality and environmental harm. A balanced approach is necessary.
Reducing harm is more feasible than complete elimination. Strategies include promoting sustainable practices, encouraging local products, and raising awareness about overconsumption.
Top Imports: Machinery, vehicles, electronics, petroleum, and pharmaceuticals.Top Exports: Iron ore, coal, natural gas, gold, and agricultural products.
Globalisation has led to increased competition, access to international markets, and reliance on global supply chains, enhancing efficiency but also exposing vulnerabilities.
Australia relies on countries like China for imports and exports, creating economic ties that influence trade policies and market stability.
Wealth is the total value of assets owned, while income is the flow of money received, typically from work or investments.
Wealth distribution varies by state due to factors like industry presence and economic opportunities, leading to disparities in living standards.
The distribution of wealth challenges the "fair go" principle, as significant inequality contradicts the idea of equal opportunity for all Australians.
Wealth Indicator: GDP per capita.Poverty Indicator: Poverty rate.Example: High GDP per capita indicates wealth, while a high poverty rate suggests economic struggles.
Australia's wealth is influenced by strong institutions, stable governance, and economic policies, supporting its high living standards compared to other