11 economics

Edit Answers
123456789101112131415161718
Across
  1. 2. Pay received by employees in dollar terms for their contribution to the production process. Not adjusted for inflation.
  2. 4. The growth of casual employment as a proportion of the total workforce.
  3. 7. Those who are unemployed due to time lags involved in the transition between jobs
  4. 9. Percentage of the population, aged 15 and over, in the labour force.Either employed or unemployed.
  5. 11. Marginal propensity to consume (MPC) is the proportion of an increase in income that gets spent on consumption. Varies by income level and is typically lower at higher incomes.
  6. 13. Human effort, both physical and mental, used to produce goods and services. Return for labour is wages.
  7. 14. Complementary goods are products which are bought and used together.
  8. 18. People who can be considered unemployed but do not fit the official definition of unemployment and are not reflected in the unemployment statistics.
Down
  1. 1. Consists of all the employed and unemployed persons in the country at any given time. Also known as the workforce.
  2. 3. Legal documents that establish the minimum wage and working conditions for employees. Depends on their industry, occupation, or workplace.
  3. 5. Items that remove money from the circular flow of income, decreasing aggregate income and the general level of economic activity. Three leakages: savings, taxation, and imports.
  4. 6. Enterprise agreements must pass in order to be approved under the Fair Work Act. Examines whether an employee is better off than they would be under the applicable industrial award.
  5. 8. Natural resources used to produce goods and services. Return for land is rent.
  6. 10. Sustained increase in the general level of prices over a period of time, usually one year. Commonly measured by the percentage change in the Consumer Price Index (CPI).
  7. 12. Unemployment due to a downturn in the business cycle.
  8. 15. Quantity of goods and services the economy can produce with a given amount of inputs such as capital and labour.
  9. 16. Marginal propensity to save (MPS) is the proportion of an increase in income that gets saved instead of spent on consumption. Varies by income level and is typically higher at higher incomes.
  10. 17. The tool of the government for the exercise of fiscal policy. Shows the government’s planned expenditure and revenue for the next financial year.