1. 8. This is the skill and talent needed to combine the other three resources to successfully produce something people want to buy.
  2. 9. It comprises all people aged over 15 years who are able and willing to work including those who are classified as employed and those who are unemployed.
  3. 11. It is defined as a good or a service that is used in pairs such as pen and ink.
  4. 13. It is the exclusive possession or control of the supply of or trade in a commodity or service.
  5. 16. An increase in the value of the Australian dollar
  6. 17. It is one of the demand factors which is whether consumers are optimistic or pessimistic about their future spending
  7. 19. It is a way of visually representing the distribution of income or wealth across a population.
  8. 20. It refers to the economic problem that arises because the volume of resources (land, labour and capital) is limited compared with individual needs and wants, which are unlimited.
  9. 21. costs of borrowing.
  10. 23. Spending on goods and services within the period.
  11. 26. It is a government policy that takes proportionately more tax from those on higher levels of income and redistributes welfare benefits to those on lower incomes.
  1. 1. It is defined as employed persons who are highly skilled but are working in low-paid or low-skilled jobs or are working part-time but would prefer to be working on a full-time basis.
  2. 2. It refers to individuals who might be considered unemployable because of some personal characteristic, such as a physical disability.
  3. 3. It is one of the supply factors that shifts the supply curve to the left and it refers to natural events such as floods and droughts.
  4. 4. A number between zero and one that indicates the level of inequality in the distribution of income or wealth.
  5. 5. Spending by government departments and public enterprises on goods and services within the period.
  6. 6. A system of money in general use in a particular country
  7. 7. The volume of output that is produced from any given number of inputs.
  8. 8. X in aggregate demand formula and income earnt by Australians selling goods overseas.
  9. 10. It is a situation in which economic forces such as supply and demand are balanced.
  10. 12. fixing It is an anti-competitive practice that allows companies to get together to fix and control or maintain prices artificially, and increase the prices for consumers.
  11. 14. It describes a situation where the potential labour of employed people is not fully used
  12. 15. the distribution of a company's earnings to its shareholders and is determined by the company's board of directors
  13. 18. The value of the Australian dollar against another currency.
  14. 22. It is a measure of how much the quantity changes when the price changes and it determines the slope of a demand curve and the slope of a supply curve.
  15. 24. It occurs when funds are added to the circular flow from a source other than households and businesses.
  16. 25. It is when a small number of large firms have all or most of the sales in an industry.