Savings Households save money in the bank. Recession A period of two or more quarters of negative economic growth. Inflation The increase in prices of goods and services. Benefits of Economic growth Higher government revenue, reduced poverty, better living standards. Disease of affluence Diabetes and heart disease COVID- 19 It was responsible for two large falls in GDP. CPI Consumer Price Index Energy rebates Ease cost of living pressures. Unemployment Individual who doesn't have work but is actively looking for a job. How inflation is measured By using the consumer price index (CPI) Taxation The most common form of government receipt. HDI Human Development Index Natural resources Ore, petroleum, rare earth minerals. Social Security and welfare It is an example of government spending. Living Standards It is the level of material comfort that people are able to buy and non-material such as water quality, health. It measures the economic growth of a country. GDP Budget surplus The government receipts exceed the spendings. Imports Government leakage Progressive tax system Individuals pay income tax by the amount of money they earn. Exports It is an example of government injection. Budget deficit The government spending exceeds the receipts. Depression A period of two or more years of negative economic growth. Inflation Rise of prices of goods and services RBA Reserve Bank of Australia Labour quality input Skilled workers participating in education and training. Costs of Economic growth Inflation Environmental costs Long working hours Capital resources input Machines, equipment, vehicles GST Goods and Services Tax GDP Gross Domestic Product Savings Households save money in the bank. Recession A period of two or more quarters of negative economic growth. Inflation The increase in prices of goods and services. Benefits of Economic growth Higher government revenue, reduced poverty, better living standards. Disease of affluence Diabetes and heart disease COVID- 19 It was responsible for two large falls in GDP. CPI Consumer Price Index Energy rebates Ease cost of living pressures. Unemployment Individual who doesn't have work but is actively looking for a job. How inflation is measured By using the consumer price index (CPI) Taxation The most common form of government receipt. HDI Human Development Index Natural resources Ore, petroleum, rare earth minerals. Social Security and welfare It is an example of government spending. Living Standards It is the level of material comfort that people are able to buy and non-material such as water quality, health. It measures the economic growth of a country. GDP Budget surplus The government receipts exceed the spendings. Imports Government leakage Progressive tax system Individuals pay income tax by the amount of money they earn. Exports It is an example of government injection. Budget deficit The government spending exceeds the receipts. Depression A period of two or more years of negative economic growth. Inflation Rise of prices of goods and services RBA Reserve Bank of Australia Labour quality input Skilled workers participating in education and training. Costs of Economic growth Inflation Environmental costs Long working hours Capital resources input Machines, equipment, vehicles GST Goods and Services Tax GDP Gross Domestic Product
(Print)
Households save money in the bank.
A period of two or more quarters of negative economic growth.
The increase in prices of goods and services.
Higher government revenue, reduced poverty, better living standards.
Diabetes and heart disease
It was responsible for two large falls in GDP.
Consumer Price Index
Ease cost of living pressures.
Individual who doesn't have work but is actively looking for a job.
By using the consumer price index (CPI)
The most common form of government receipt.
Human Development Index
Ore, petroleum, rare earth minerals.
It is an example of government spending.
It is the level of material comfort that people are able to buy and non-material such as water quality, health.
GDP
The government receipts exceed the spendings.
Government leakage
Individuals pay income tax by the amount of money they earn.
It is an example of government injection.
The government spending exceeds the receipts.
A period of two or more years of negative economic growth.
Rise of prices of goods and services
Reserve Bank of Australia
Skilled workers participating in education and training.
Inflation
Environmental costs
Long working hours
Machines, equipment, vehicles
Goods and Services Tax
Gross Domestic Product
