Economics Units 1 & 2

3. of income determine profits and losses
4. distribution of income giving wages fairly to the public
5. efficiency creates goods for a cheap fee
6. choose an option over the other for a product or service
7. distribution of income individuals get welfare and cash
9. percentage shows five groups
11. policy government controls money they spend and tax
14. living standards quality of life factors
15. factors consumer confidence, disposable income, interest rates substitute products, complement products, population growth tastes and preferences
16. living standards real GDP shows growth
21. income factors of production create goods and services
22. rate how many individuals are not hired
23. coefficient graph shows fairness in the income
24. income tax tax percentage and quantity of tax rises

1. income taxable interest, profit and distribution
2. structures market conflict for goods and services
4. activity goods and services provided
8. curve graph allocates income and funds
10. where goods and services are
12. disposable household income, money divided by how many people reside in the house
13. efficiency productive efficiency
17. wage income disposable income and non-cash transfers
18. efficiency creates goods that decreases the production fee
19. factors climatic conditions, labour costs/wages, raw materials exchange rate and technology
20. household income money that individuals in the house have combined
23. domestic product goods and services price