Economics Units 1 & 2

5. factors climatic conditions, labour costs/wages, raw materials exchange rate and technology
7. choose an option over the other for a product or service
10. income tax tax percentage and quantity of tax rises
11. where goods and services are
12. income taxable interest, profit and distribution
15. percentage shows five groups
17. living standards real GDP shows growth
19. policy government controls money they spend and tax
21. wage income disposable income and non-cash transfers
22. efficiency productive efficiency

1. rate how many individuals are not hired
2. activity goods and services provided
3. income factors of production create goods and services
4. household income money that individuals in the house have combined
6. domestic product goods and services price
8. factors consumer confidence, disposable income, interest rates substitute products, complement products, population growth tastes and preferences
9. of income determine profits and losses
13. distribution of income individuals get welfare and cash
14. distribution of income giving wages fairly to the public
16. curve graph allocates income and funds
18. disposable household income, money divided by how many people reside in the house
20. coefficient graph shows fairness in the income