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iChapter 6 HASS
That's bad!
| Question | Answer |
|---|---|
| Demand | A need or want of consumers expressed by the spending of income |
| Supply | A market force relating to the quantity of a good or service that producers are willing to sell at a given price over a period of time |
| Equillibrium | A point in the market where the forces of supply and demand are equally matched, satisfying both consumers and producers |
| Tax | A term that describes a compulsory financial charge imposed on an individual, household or business by a government body in order to fund government spending |
| Direct vs indirect taxation | Direct taxation is paid straight to the government with money from income or profits. Indirect taxation is tax that is added to the price of goods and services (GST). |
| Progressive tax system | System where people who earn more money pay more income tax |
| Market | A place where buyers and sellers meet to exchange goods and services |
| Key market participants | Households, firms, financial institutions, the government, international trade |
| Retail market | Where goods and services are sold to consumers for the purpose of consumption |
| Labour market | Where employers and employees interact for employment relationships |
| Financial market | Where buyers and sellers engage in the trade of assets |
| Stock market | Where investors can trade shares of publicly listed companies |
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