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Humanities

TermDefinition
Imports Goods/services bought IN
Exports Goods/services sold OUT
Micro Individual parts of economy
Macro Whole economy
Inflation General rise in prices
CPI Measures changes in consumer prices
Fiscal policy Government spending + taxes
Monetary policy RBA uses interest rates
Cash rate RBA's key interest rate
Structural unemployment Skills don't match jobs
Cyclical unemployment Economic downturn
Frictional unemployment Between jobs
Scarcity Limited resources, unlimited wants
Labour shortage Not enough workers
Skills mismatch Wrong skills for available jobs
Households Consume + provide labour
Businesses Produce + employ
Government Tax + spend + regulate
Material Money/things
Non-material Quality of life
Opportunity cost Next-best alternative given up
Identify Say what it is
Describe Say what happens
Compare Similarities/differences
Explain Say why
Analyse Data + why + meaning
Created by: user-2051116
 

 



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