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  1. 2. when there's a increase in efficiency there will be more
  2. 4. Income received from the factors of production (land, labour, enterprise and capital).
  3. 5. Depicts the maximum level of output possible for a country when all resources are used to maximum efficiency.
  4. 6. Is the total income received from all sources, including government transfers.
  5. 10. A consumer's desire and willingness to pay a price for a specific good or service
  6. 11. Is a term describing generally falling prices over a period of time. It can happen in recession.
  7. 14. The rate of inflation is
  8. 15. Is the sum of all apending or demand on final goods and services.
  9. 16. is a wave pattern which records the various phrases the level of economic activity.
  10. 17. Is where people's needs and wants are virtually unlimited.
  11. 23. All firms produce similar yet not perfect substitute products.
  12. 27. The total amount of a specific good or service that is available to consumers.
  13. 29. This bank decides on interest rates.
  14. 30. Represents the degree of income equality or inequality
  15. 32. CPI measures this
  16. 33. To create more productivity you need more
  17. 34. This commission sets up promotes competition and fair trade in markets to benefit consumers and businesses
  18. 35. a system that increases or decreases taxes
  19. 38. might be called market or current.
  20. 39. A situation in which the supply and demand for a good or service can vary significantly due to the price
  21. 40. Concept or idea of fairness in economics
  1. 1. Always between 0 and 1
  2. 3. the loss of other alternatives when one alternative is chosen.
  3. 7. another term for Real GDP
  4. 8. Is a measure of the total inflation within an economy
  5. 9. the situation in which the supply and demand for a good or service are unaffected when the price of that good or service changes.
  6. 12. Is the stock of financial and material assets a person accumulate through savings or inheritance, including land, houses, shares and savings.
  7. 13. the 45 degree line that represents equality.
  8. 18. buying foreign made goods is called
  9. 19. Australian made goods sold to a overseas market is called
  10. 20. Is an extreme situation where prices rise very quickly
  11. 21. Is a measure of inflation that excludes certain items that face volatile price like food and energy.
  12. 22. Income after tax revenues is called
  13. 23. a system that the RBA which increases or decreases interest rates
  14. 24. Is received by people who haven’t directly participated in the production process from people who have participated in that process.
  15. 25. is a supply side factor in which the wage increase very high, then the cost of production for the company, then to maintain profits they would increase prices.
  16. 26. A compulsory contribution to state revenue
  17. 28. Higher Gini Coefficient means
  18. 31. when a market system is when one market is dominating
  19. 36. Opposite of inflation
  20. 37. A market system where their is limited competition