Economics
List two needs and wants?
Needs: Water and Shelter
Wants: iPhone and watch
List three basic questions of an economic system?
- What to produce?
- How to produce it?
- For whom to produce?
How do we measure inflation?
Consumer price index (CPI), which measures changes in the price level of a basket of consumer goods and services purchased by households.
List two examples of where you are not considered unemployed and two examples of where you are considered unemployed?
You are not considered unemployed if you are under 15 years of age or you are retired.
You are considered to be unemployed when someone is willing and able to work but does not have a job.
State the two types of criminal cases and civil cases?
Criminal: Summary offences and indictable offences.
Civil: Property disputes and negligence claims
List the three factors of production and provide an example for each of them?
Capital: Buildings and factories
Land: Wind and Sun
Labor: The knowledge of a doctor
Define opportunity cost?
The value of the next best alternative use of resources.
List some alternatives for GDP?
The well-being of a nation in an alternative, as it's a better way to assess societal advancement.
Define macroeconomic policy?
Macroeconomic policy is a economic policy that affects the whole of the nation, such as monetary policy and budgetary policy.
In your book draw the Victorian Court Hierarchy.
Supreme appeals
Supreme trial
Federal ----------- County Court ---------- Family
Magistrates Court
1. children's, 2. Coroners, 3. Koori
Define scarcity?
It is the problem the world faces where we as humans face as we have needs and unlimited wants, yet only limited resources.
Define resource allocation?
Refers to assigning available resources, or factors of production, to specific uses chosen among many possible alternatives.
Define inflation?
The broad increase in the prices of goods and services.
Contrast between rules and laws?
- Rules are made and enforced by groups of people and have less serious consequences.
- Laws are made and enforced by the police and court system and have more serious consequences.
Why is Australia in the UN
- Provides Money
- Gets an International Voice
- Involved
- Contributes to humanitarian and peace keeping missions
What is GDP?
GDP is the measure of the total value of final goods and services produced in an economy over a period of time.
What is the formula for GDP per capita?
- GDP total/Population = GDP per capita
What are the limitations of GDP.
- The exclusion of non-market transactions such as drug money.
- Wealth does not consider welfare.
Why does society need laws?
To serve society and shape morals, promote peace and public policies and to facilitate freedom and future.
Define precedent?
A legal principle that must be followed by magistrates and judges in cases where the facts are similar.
List the three economic systems and explain them and list an example of a country for that system?
- Market Economy > resources are owned by individuals and are allocated by the forces of demand and supply, countries like Japan are a market economy.
- Planned Economy > government owns resources, countries like North Korea are a planned economy.
- Mixed Economy > A mix of the other economy's, countries like France and Sweden are mixed economy's.
Describe economic growth?
The increase in the goods and services produced in the economy.
What is economics?
Economics is the study of how society chooses to allocate its scarce resources to the production of goods and services in order to satisfy our needs and unlimited wants.
Compare criminal and Civil law by completing the table in your book.
Party bringing in the case.
Criminal: prosecution
Civil: plaintiff
The party being accused.
Criminal: the accused
Civil: the defendant
The penalty issued by the court.
Criminal: sanction
Civil: remedy
Types of penalties.
Criminal: prison, fine, or community service
Civil: Damages
Standard of proof.
Criminal: 'Beyond reasonable doubt'
Civil: to the 'balance of probabilities'
Burden of proof.
Criminal: Prosecution
Civil: Plaintiff
Number of Jury's.
Criminal: 12
Civil: 6
Explain the role of the high court?
Hears cases relating to the interpretation of the constitution and other legal cases with significance.