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Hass 2026 T3 Economy

Economics stuff

QuestionAnswer
what is economics the study of how limited resources are used to satisfy unlimited wants
what is scarcity the economic problem of having unlimited needs and wants but limited available resources
what are the 4 categories of resources Land, Labour, Capital, Entrepreneurship
what is economic growth rate the rate of change in the value of goods and services produced by an economy over a period of time
what is economic growth rate usually measured in GDP
what do you need to be to count as unemployed able and willing to work but not being able to find it
does GDP trend upwards over time Yes
what does GDP stand for Gross Domestic Product
what is inflation the total percentage change in price over a given period of time
how is inflation measured using CPI which is a "basket of goods" that is measured every quarter
What is included in the CPI Health, Housing, Recreation, Alcohol and Tabacco, Food, Communication, Transportation, Clothing and Footwear, Education, Furniture, Financial and Insurance Services
what is the role of the RBA to set the cash rate for Australia
what does RBA stand for Reserve Bank of Australia
Created by: Best username
 

 



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