Revision 2024 term 1

Humanities Economy main areas of focus

o Economy
o GDP/CPI
o Inflation
Taxation
o Unemployment
o Living standards
o GST
o Workkplace entitlements

Revision 2024 term 1

Humanities Economy

What is economy?

o In a simple sense, the economy is a space for buyers and sellers to exchanges goods and
services

Examples of economy

o In more complex terms the economy is built on the flow of money into and out of
Australia.
o It means:
o How much do we buy and sell?
o How goods and services come into and out of Australia from other countries.
o How much money does the government put into services such as education and health?
o How much we are paid at work
o How much the cost of living rises or falls

The impact of the economy?

o The economy has control and an impact on each of these living standards. Some effects
are obvious, while some are a little less clear.
o An obvious example is if the cost of food increases then not everyone will be able to afford
the food they need.
o A less obvious example could be, that if the Government funds less money into healthcare,
then not everyone will have access to medicine or hospitals.

The economy as a measurement

o A good economy ensures that it satisfies as many of the needs and wants of its citizens as
possible.
 o In turn, this affects our ‘living standards’. Living standards are how comfortable we are
living (this could include a nice house, a nice car, eating good food, or even having good
technological appliances at home).

How can the economy be measured?

o The most common and general method of measuring an economy is by using the Gross
Domestic Product number (GDP).

What does GDP stand for?

o Gross domestic product

What is GDP?

o Gross domestic product, or GDP, is a measure used to evaluate the health of a country's
economy. It is the total value of the goods and services produced in a country during a
specific period of time, usually a year.

What does CPI stand for?

o Cosumer price idex

What is CPI?

o It is a measure of the average change over time in the prices of goods and services
consumed by households. It is used to track inflation and to understand changes in the
cost of living.

What is inflation?

o Inflation is the rate of increase in prices over a given period of time. Inflation is typically a
broad measure, such as the overall increase in prices or the increase in the cost of living in
a country.

What are some impacts of inflation?

o Reduced purchasing power

o Wages and employee turnover
o Increase in cost of service

What is tax?
 o A tax is a mandatory payment or charge collected by local, state, and national
governments from individuals or businesses to cover the costs of general government
services, goods, and activities.

What are the levels of government and their taxes

Impacts of Unemployment on individuals?

o Difficulty finding a new job

o Physical health issues
o Mental health issues

What are the 4 types of Unemplyment?

o (Frictional)
occurs when a worker moves from one job to another and spends time trying to find his or
her ideal job
 People who leave their current job to find a better one.
 People who are entering the workforce for the first time.
 People who are reentering the workforce.

o (Structural)
results from industrial reorganization, often due to technological change rather than
fluctuations in supply or demand.
 Machines, which require less emplyees

o (Cyclical)
Relates to the cylical trends in growth and production that occur within the bussiness
cycle. When the bussiness cycle is at its peak, cyclical unemplyment is low.
 Fruit picking, and holiday related jobs

o (Seasonal)
Occurs when jobs are only available at certain times of the year.
 Fruit picking, berry picking,
 harvesting ect
What are some Living standards

o The level of wealth, comfort, material goods, and necessities such as food, shelter, social,
safety, etc.

What is GST?

o (Goods and service tax) (GST) is a tax of 10% on most goods, services and other items sold
or consumed in Australia.

What are the entitlments of employees in the workplace?

o Employee entitlements include wages or salary (your pay), annual leave, long service
leave, sick leave ect

Australia has:
o 1 federal parliament
o 6 state parliaments, 2 territory parliaments
o 500 local councils
Humanities politics main areas of focus
o Australian levels of governemnt
o Political parties
o Australia and the international community
o United Nations overview

Revision 2024 term 1

Humanities Economy

The Australian government

o Australia has three levels of law-making or government— that work together to provide us
with the services citizens need.

What are the 3 levels of government resposible for?

What does the governement acually do? (what are their responsiblities)
o Defence
o Welfare
o Park/garden maintenance
o Building regulations
o Environment
o Community events

Is federal, State, Or local government responsible?

o Defence
o Welfare
o Education
o Immigration
o Foreign Affairs
o Waste disposal
o Copyright issues
o Park/garden maintenance
o Building regulations
o Environment
o Community events

What is Bicameral Government?

The ‘Parliament’ section of the Separation of powers is broken into two more sections:

o House of Representatives (lower house and green house)

o Senate (upper house and red house).

What Is political parties?

o A political party is an organisation that represents a particular group of people or set of

ideas.

What is a global community?

To be a good neighbour, what should Australia beaware of?

Revision 2024 term 2

Humanities World war 2

o 20th centurary overview
o World war 2 nations and theatres
o Life in nazi germany

What is world war 2?

World War II or the Second World War was a global conflict between two major alliances: the

Allies and the Axis powers. The vast majority of the world's countries, including all the great

powers, fought as part of these military alliances

20th centuary and our lives.

 The 20th Century was a time of extreme social, political and economic change.

 It has directly shaped the way we live in our world today.

 The best way to understand the 20th century is through the sources that we have from the
time.