Economics and CivicsName:____________________

What is the economy? Explain in detail.

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

What is a market? Provide an example

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

The diagram below shows four key elements of the economic process that drive money around our marketplace. Which do you think is the most important one to the Australian economy? Why

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

How do you participate in the economy? Make a list.

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

Define the terms supply and demand?

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

How do these economic forces (supply and demand) work to set the prices of goods and services?

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

Explain what scarcity means in economic terms.

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

What are standards of living?

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

Label these images with the appropriate standard of living that citizens there would experience.

________________________________ ________________________________

How does scarcity effect a countries standard of living?

____________________________________________________________________________

___________________________________________________________________________(Cont…)

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

Describe what welfare is and why Australia would choose to have such a program.

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

What is an economic depression AND how is it different to an economic recession?

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

The production of goods and the provision of services are complex processes with many component parts. For example, a motor vehicle is made up of steel, plastics etc., and employee wages are an important part of the production process.

For each of the six goods and services in the table below, list three components that go into the production of that item.

Good or service Three components used to make the item

Breakfast cereal

Fish and chips

A new house

Leather shoes

Visit to the doctor

Home gardening service

QUIZ:A $100 jumper at Jetty Surf is on sale for 50% off.  An identical $100 jumper at the Billabong City store was originally marked down 40%, but Billabong is having a

clearance sale this week and is subtracting an additional 15% from its sale prices.  At which store is the jumper cheapest? Show your workings.

Explain what inflation is.

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

Explain whether you think inflation would be caused in Australia by each of the following scenarios. Give a reason for your answer.

a All Australian workers are given a wage increase of $50 a week.

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

b The price of petrol in the Middle East falls by 50%.

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

Describe what the Reserve Bank is and what role it has in the Australian economy.____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

The following graph shows Australia’s unemployment and inflation rates between 1971 and 2005. Carefully study the graph, then complete the following questions.

a In which years was Australia’s inflation rate the highest? Give a possible reason why.

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

b In which years was Australia’s inflation rate the lowest? Give a possible reason why.

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

c In which years was Australia’s unemployment rate the highest? Explain why this might be.

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

d Usually, when inflation was high, unemployment was low, and vice versa. Suggest a reason for this trend.

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

What is Australia’s current economic position and how does it compare to China’s?Use the following website to fill in the table.https://tradingeconomics.com/china/indicators

Economic indicators

Australia China

GDP per capita

Inflation rate

Unemployment rate

Current Account DeficitInterest rate

What does GDP stand for AND what does that mean?____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

Ethics:

For large companies to make a profit they often use methods to produce their goods that are unethical.What does this mean?

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

Indian 'slave' children found making low-cost clothes destined for GapDan McDougall in New Delhi The Observer, Sunday 28 October 2007

Child workers, some as young as 10, have been found working in a textile factory in conditions close to slavery to produce clothes that appear destined for Gap Kids, one of the most successful children’s clothing store.

Speaking to The Observer, the children described long hours of unwaged work, as well as threats and beatings.

Gap said it was unaware that clothing intended for the Christmas market had been improperly subcontracted to a sweatshop using child labour. It announced it had withdrawn the garments involved while it investigated breaches of the ethical code.

The discovery of the children working in filthy conditions in Delhi has renewed concerns about the outsourcing by large retail chains of their garment production to India, recognised by the United Nations as the world's capital for child labour.

According to one estimate, more than 20 per cent of India's economy is dependent on children, the equivalent of 55 million youngsters under 14.

With endorsements from celebrities including Madonna, Lenny Kravitz and Sex and the City star Sarah Jessica Parker, Gap has become one of the most successful and iconic brands in fashion. Last year the firm embarked on a huge poster and TV campaign surrounding Product Red, a charitable trust for Africa founded by the U2 lead singer Bono.

Despite its charitable activities, Gap has been criticised for outsourcing large contracts to the developing world. In 2004, when it launched its social audit, it admitted that forced labour, child labour, wages below the minimum wage, physical punishment and coercion were among abuses it had found at some factories producing garments for it. It added that it had terminated contracts with 136 suppliers as a consequence.

In the past year Gap has severed contracts with a further 23 suppliers for workplace abuses.

Gap said in a statement from its headquarters in San Francisco: 'We firmly believe that under no circumstances is it acceptable for children to produce or work on garments. These allegations are deeply upsetting and we take this situation very seriously. All of our suppliers and their subcontractors are required to guarantee that they will not use child labour to produce garments. In this situation, it's clear one of our vendors violated this agreement and a full investigation is under way.'

'Consumers in the West should not only be demanding answers from retailers as to how goods are produced but looking deep within themselves at how they spend their money.'

a) How young was the youngest child found working in the textile factories?

_______________________________________________________

b) Where was the factory located?

_______________________________________________________

c) Describe the conditions that the children were working in. Quote from the article.

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

d) What is the difference between being charitable and being ethical?____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

e) Has the Gap been in trouble for this sort of offence before? Explain.____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

f) In your opinion, what is the biggest problem with being an ethical consumer? Justify your answer.____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

CivicsExplain the following types of Government and provide examples for each.

Communism

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

Dictatorship

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

Fascism

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

Democracy

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

How does the type of government running a country impact on the living standards of the people?

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________

____________________________________________________________________________