The Australian Economy 1
Living Standards
Business Management 1
Business Management 2
General
100

What does GDP stand for?

Gross Domestic Product

100

What is a living standard?

The level of comfort needed to live life

100

What does CSR stand for?

Corporate Social Responsibility 

100

What does innovation mean?

A new idea or more effective process that makes a product better.

100
How many parts are in the exam?

Three

200

What is an economic indicator?

The statistical data we collect to determine the progress of our economy. This data helps us to make future predictions and recommendations to make sure the economy continues to grow.

200

What is relative poverty?

Relative poverty describes circumstances in which people cannot afford actively to participate in society and benefit from the activities and experiences that most people take for granted.

200

What is an entrepreneur?

A person who sets up or grows a business, while taking on the risk of failing. 

200

What is a competitive advantage?

producing goods and services that are more favourable than rivals

200

What format is part A of the exam?

Multiple Choice

300

What does GDP measure?

Gross Domestic Product is the total monetary value of all the goods and services produced by a country over a specific time period (usually a year).

300

What are material living standards?

Physical goods and services that are easy to measure.

300

How may automation have impacted the workforce? 

Eg. Changed jobs needed (eg. more specialised jobs, bigger focus on soft skills)

300

What does FWC stand for, and what do they do?

Fair work commission.

Eg. Set NES, awards, agreements. Assist in workplace disputes. 

300

What format is part B of the exam?

Short response

400

Who is inside the labour force?

Everyone over 16 who is either employed or unemployed and actively seeking work.

400

What are non-material living standards?

Measures of a persons quality of life, irrespective of income. Can be challenging to measure. 

400

Give two examples of CSR

Eg. Employee incentives, donations, donating to charity, using environmentally friendly materials. 

400

Name three National employment standards

Maximum weekly hours

Requests for flexible working arrangements

Offers and requests to convert from casual to permanent employment

Parental leave and related entitlements

Annual leave

Personal/carer's leave, compassionate leave and family and domestic violence leave

Community service leave

Long service leave

Public holidays

Superannuation contributions

Notice of termination and redundancy pay

400

What format is part C of the exam?

Case studies

500

Who sets the cash rate and why might they change the cash rate?

The RBA (Reserve Bank of Australia). They may change the cash rate in attempt to control inflation. 

500

Name three categories that are part of the OECD Better Life Index

Housing, income, jobs, community, education, environment, civil engagement, health, life satisfaction, safety, work-life balance

500

List four characteristics of entrepreneurs

Takes calculated risks, networking, determined, innovative, resourceful, knowledgeable. 

500

List five reasons someone might start a business

  • Personal independence

  • Financial independence

  • Make a profit

  • Fulfil a market need

  • Fulfil a social need

500

What do you need to include in your response to a compare question?

Similarities and differences

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