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33 Cards in this Set
- Front
- Back
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What are resources?
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-factors of productions
-are supply of stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively -A good or service that is acquired by an entity that is expected to provide future benefits. |
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Capital Resources
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all human made aids to production
-machinery -tools and equipment -factory buildings -transport facilities all used in the production process |
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Labour resources
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the people in the economy who are ready and able to participate in the production process for a material reward
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land resources
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all the economic resources we look after in nature
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management
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a factor of production concerned with organising and coordinating other factors of production in the production process
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Scarcity
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relative scarcity means we do not have enough resources to satisfy the needs and wants of consumers
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capitalist economy
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-most of productive resources of the economy are owned by private individuals
-remaining are owned by the government |
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law of demand
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states that consumers will generally want to but goods and services at the lowest possible price
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law of supple
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states that the lower the price of a good or service te fewer producers will want to produce.
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role of government in the economy
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-guide and direct the pace of its country's economic activities
-supposed to ensure growth is steady -employment is high -price stability -adjust tax rates and spending so it can slow down or speed up the economic growth rate |
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what is inflation?
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general prices of goods and services increasing
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why is inflation bad?
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-people on set incomes (eg pensioners) suffer
-have to pay more for basic good and services -people with real assests benefit -the rich become richer and the poor become poorer |
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what is unemployment?
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a situation where some workers who are willing and able to work cannot work because there are not enough jobs for all
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seasonal unemployment
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during a certain time of the year you're unemployed, due to environment (eg ski instructor)
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Hard core unemployment
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long term due to being unpopular for employees (eg drug addictions, criminal history, social issues
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frictional unemployment
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in between jobs, searching but not working
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structural unemployment
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due to technology, skills no longer needed
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Cyclical unemployment
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decrease in demand and production levels, labour is not required
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Effects of unemployment
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-loss of production
-greater difference in income -reduces the amount of tax a government can collect -less company tax is collected -government needs to give out more money due to unemployment benefits government can be in severe debt |
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purpose of laws
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-facilitate change
-to create a safe environment -recognise values (moral, social, political, economic) -help settle disputes through legal machinery -set boundaries of acceptable behaviour -maintain order -punish those who break the law |
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how laws are made in parliament
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a bill goes through 3 readings in each house
house of reps 1st reading - introduced to parliament 2nd reading - members debate and vote on main idea 3rd reading - after being adjusted its voted on in its final form Bill is passed Senate, 1st reading - bill is introduced 2nd reading - senators debate on idea of the bill 3rd reading - voted on in final form bill is passed Governor general sings the bill Becomes a law |
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how councils create laws
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1. local resident/groups lobby them
2. they research and create drafts for stakeholders to comment on 3. then formalize at council meetings |
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Role of judges
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-hear the evidence
-make a decision on guilty/innocent -decide punishment -justification |
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Court heirachy and why does it exist
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-determines which courts will hear different offences
-ability to specialise -ability to hear appeals (have a case heard by another court room if you believe the result was unjust) |
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Criminal Law
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the body of law dealing with crime
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Crime
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and act or omission against the state, prosecuted in the courts
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Civil Law
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-deals with the right of individuals
-relates to disputes between private parties |
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Murder
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the unlawful killing of another person with malice aforethought
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manslaughter
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the unlawful killing of another person without the intention to do so. Without malice aforethought.
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Crime against the person
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a crime which is committed by direct physical harm or force being applied to another person.
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Crime against the property
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a crime that destroys or deprives an owner of property against the owner's will.
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Examples of crimes against the person
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-fatal offences
-sexual offences -assaults -injuries |
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Examples of crime against property
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-theft
-burgulary -shop lifting -arson |
