Across
- 2. system of gov that requires members of parliament to make laws on behalf of majority voters
- 3. the increasing capacity of the economy to satisfy the wants of its members. higher rate of economic growth=higher standards of living
- 4. unemployment that results from a decrease in demand for g+s
- 7. cost of borrowing money/return on lending money
- 11. period of strong economic growth leading to a 'peak' associated with high GDP, inflation, and low cyclical unemployment
- 12. process set out in section 128 of Constitution to allow for constitution to be formally altered
- 13. system of gov where there is legislative power sharing relationship between national gov and 2+ state govs
- 14. law making powers set out in constitution that may only be exercised by commonwealth parliament
- 16. unemployment that results from changes to industries
- 19. voting system which voter numbers preferences for candidates
- 24. unemployment that results from people being in process of moving from one job to another
- 27. unintended consequence of an economic activity experienced by unrelated third parties
- 29. total market value of all final goods and services produced in a country during a year
- 32. GDP that has not been adjusted for inflation
- 33. study of large scale economic performance and growth. key macroeconomic measures=GDP, inflation, unemployment
- 35. Electoral system in which parties gain seats in proportion to number of votes cast for them
- 37. law making powers that remained with the state parliaments after federation
- 38. a process that legally binds Australia to implement a treaty
- 39. seperation of powers of government among legaslative, executive, and judicial bodies
Down
- 1. system of government where people have power
- 5. study of behaviour of individual participants in economy
- 6. period of decreasing economic growth leading to a 'trough' associated with low GDP,deflation, and high unemployment
- 8. material and non-material wellbeing
- 9. macroeconomic policy by which government influences interest rates
- 10. specific law making powers in constitution that may be exercised by both commonwealth and state parliaments
- 15. compulsory contribution to state revenue
- 17. active maintenance of truce between nations, especially by UN
- 18. system of democratic gob where rights of individuals are protected through law
- 20. sum of a nations GDP plut net income received from overseas
- 21. two or more consecutive quarters of negative GDP growth
- 22. macroeconomic model that describes flows of resources, g+s, and income between parts of economy
- 23. a general increase in prices. Consumer price index records change in prices and rate of change=inflation
- 25. model that shows changes in real GDP over time
- 26. allocation of law making powers
- 28. gov power is outlined by a constitution
- 30. macroeconomic policy by which government adjusts its spending levels and tax rates
- 31. % of people in labour force who are unemployed
- 34. set of rules according to which a state is governed
- 36. GDP that has been adjusted for inflation