The Australian Economy 1
What does GDP stand for?
Gross Domestic Product
What is a living standard?
The level of comfort needed to live life
What does CSR stand for?
Corporate Social Responsibility
What does innovation mean?
A new idea or more effective process that makes a product better.
Three
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.
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.
What is an entrepreneur?
A person who sets up or grows a business, while taking on the risk of failing.
What is a competitive advantage?
producing goods and services that are more favourable than rivals
What format is part A of the exam?
Multiple Choice
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).
What are material living standards?
Physical goods and services that are easy to measure.
How may automation have impacted the workforce?
Eg. Changed jobs needed (eg. more specialised jobs, bigger focus on soft skills)
What does FWC stand for, and what do they do?
Fair work commission.
Eg. Set NES, awards, agreements. Assist in workplace disputes.
What format is part B of the exam?
Short response
Who is inside the labour force?
Everyone over 16 who is either employed or unemployed and actively seeking work.
What are non-material living standards?
Measures of a persons quality of life, irrespective of income. Can be challenging to measure.
Give two examples of CSR
Eg. Employee incentives, donations, donating to charity, using environmentally friendly materials.
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
What format is part C of the exam?
Case studies
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.
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
List four characteristics of entrepreneurs
Takes calculated risks, networking, determined, innovative, resourceful, knowledgeable.
List five reasons someone might start a business
Personal independence
Financial independence
Make a profit
Fulfil a market need
Fulfil a social need
What do you need to include in your response to a compare question?
Similarities and differences