Commerce Yearly

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What is appreciation?
An upward movement of the Australian dollar (or any currency) against another currency.
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What is the comparison rate?
Loan interest rates calculated after adding fees and charges to the lender’s advertised rate.
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What is depreciation?
Any downward movement of the Australian dollar (or any currency) against another currency.
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What is an interest rate?
The annual cost of borrowing credit or the annual return on invested savings; the price of money.
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What is a mixed economy?
An economic system in which individuals and businesses make their own decisions but with a degree of government involvement
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What is a fixed interest rate and what is an advantage and disadvantage of one?
A fixed interest rate is set. One advantage is protection from unexpected interest rate increases. One disadvantage is that you cannot take advantage of a fall in interest rates.
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What is a variable interest rate and what is an advantage and disadvantage of one?
A variable interest rate moves up and down over the term of the loan. One advantage is that if the interest rate falls, your repayment reduces. One disadvantage is that if the rate increases, your repayments rise.
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What is purchasing power?
The financial ability to buy products and services.
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What are 3 causes of inflation?
Cost Factors + Demand Factors + Profit Factors
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How do you measure inflation?
By comparing changes in the Consumer Price Index (CPI).
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What are 3 effects of inflation?
Wage rates + fixed incomes + business profits
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What are the 2 effects of exchange rate fluctuations?
Appreciation + Depreciation
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What is the adversarial system?
A system in which two opposing parties present their arguments to a magistrate or judge.
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What is an anarchy?
A disorder or confusion due to the absence of government or laws.
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What is common law?
A system of law based on the previous decisions of judges, or precedents.
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What is a constitution?
A document which sets out how an organisation or a country will be governed
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What is a defendant?
The party in a criminal or civil trial against whom an action has been brought.
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What is a Jury?
A group of people (either 12 or six) selected to hear the evidence in a court case.
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What is a Magistrate?
A court official who hears cases in the lowest court of law.
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What is a Plaintiff?
The party that commences a civil action
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What is a precedent?
A previous legal decision that serves as a rule or pattern in future cases.
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What is statue law?
Laws made by parliaments.
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What is public law?
Deals with disputes that affect the community.
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What is the definition of a law?
A set of legal rules that the Governments and the courts have made for everyone to follow.
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What are the 4 main roles of laws?
Establish Boundaries + Protection + Freedom + Resolving Disputes
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What does the Legal System consist of?
Parliaments + Politicians + Police + Prisons + Courts + Legal Advisors (Lawyers)
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What is the court structure from most important to less important matters?
High Court, Supreme Court, District Court, Local Court and Children's and Coroner's Courts
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What is in a courtroom?
Judge + Witness + Defendant + Jury + Court reporter + Judge's assistant + Public gallery
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What is a Magistrate in charge of and what do they do?
A Magistrate is in charge of the lowest court and after hearing the cases presented by both sides, they decide whether a person is guilty or innocent.
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What is one reason for and against the Jury System?
For = A Jury is a cross-section of society and therefore reflects society's values and attitudes. Against = Juries do not have to give reasons for their decisions.
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What are the 2 main areas of classifying laws?
Private Law + Public Law
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What are the branches of law?
Constitutional + Administrative + Contract + Family + Criminal + Tort + Industrial + Property
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What does Civil Law deal with?
Criminal Law deals with non-criminal matters. It allows individuals to take action against other members of the public for a civil wrong committed against them. Within Civil Law there are 2 main areas; tort and contract law.
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What 4 aspects does the law of tort include?
Negligence, defamation, nuisance and trespass
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What is the purpose of Criminal Law?
To protect individuals from others doing the wrong thing and to make the community feel safe fro harm.
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What are the 2 ways of law making?
Statue Law + Common Law
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How many steps are involved in a bill becoming a law?
There are 8 steps
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What is departure tax?
A tax that must be paid when leaving a country.
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What is the Foreign Exchange Rate?
The ratio of one currency to another; it tells how much a unit of one currency is worth in terms of another.
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What is the Vienna Convention?
An international convention that sets standards for people who have been arrested outside their own country.
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What is a Visa?
A stamp placed in your passport for the country you will be visiting, stating the length of time you are allowed to visit the country.
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What are the 3 main factors that influence the choice of travel destinations?
Personal Preference + The political situation of the country + A person's financial curcumstances
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Other cards in this set

Card 2

Front

What is the comparison rate?

Back

Loan interest rates calculated after adding fees and charges to the lender’s advertised rate.

Card 3

Front

What is depreciation?

Back

Preview of the front of card 3

Card 4

Front

What is an interest rate?

Back

Preview of the front of card 4

Card 5

Front

What is a mixed economy?

Back

Preview of the front of card 5
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