Market Systems
What type of market do you enter when you buy snacks at a local shop?
Retail market: buyers and sellers exchange goods directly.
A plan to keep track of your spending.
What’s the benefit of putting money in a savings account?
Savings accounts earn interest and keep money safe.
What is casual work?
Work with flexible hours and no fixed schedule or guaranteed benefits.
Who must pay tax in Australia?
People who earn income above the tax-free threshold.
Who are the main participants in any market?
Buyers and sellers. Buyers want to purchase goods, sellers provide them.
What is the 50/30/20 rule?
50% for needs, 30% for wants, 20% for savings.
Give one reason to set a short-term savings goal.
Short-term goals provide motivation and quick wins, such as saving for an event.
Give one advantage and one disadvantage of part-time work.
Advantage: Flexibility; Disadvantage: Usually less pay and fewer benefits.
List three things taxes pay for
E.g. schools, roads, and hospitals.
What is unique about the share market compared to other markets?
Shares are bought and sold as ownership in companies, not products or jobs.
List three risks if you never use a budget.
Running out of money or accidental overspending.
What’s one way to stay on track with a long-term saving goal?
Review progress regularly and adjust spending habits as needed.
How does full-time work differ from casual work?
Full-time has set hours (often 38 per week) and provides full benefits; casual offers fewer hours and benefits.
What could happen if people stopped paying taxes?
Governments would have less money for public services, harming society.
How does the labour market operate?
The supply and demand for employment.
Why is budgeting important for achieving savings goals?
It helps allocate money and stay disciplined to meet goals over time.
How does breaking up a savings goal into smaller steps help?
Makes the goal less daunting and easier to achieve with steady progress.
What is one factor expected to shape the future of work?
Technology—automation and AI changing job roles and industries.
What is a progressive tax system?
The more you earn, the more tax you pay.
BONUS QUESTION-
Imagine there is a sudden shortage of a popular snack at your local store. Explain how both supply and demand would change, and predict what might happen to the price.
Supply decreases, demand may stay the same or increase because people want the snack even more. With higher demand and lower supply, the price will usually go up.
What is a gross income?
Total earning before taxes and deductions
Discuss why it might be useful to have both an emergency fund and savings for planned purchases, and how these different types of savings serve financial stability.
An emergency fund provides security for unexpected expenses (job loss, medical bills), while planned savings support goals (travel, tech upgrades). Having both improves overall financial stability and reduces the risk of financial stress.
Explain how age demographics might impact future job markets.
An aging population may increase demand for health and care jobs, while young populations may drive tech and education sectors.
The highest tax bracket (earning over $190,000 p.a.) means you have to pay [?]c for each dollar you earn.
45c for each $1 over $190,000