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60 Cards in this Set
- Front
- Back
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assumptions
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suppositions made about economic behavior in a model
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ASX
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Australian Stock Exchange
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ATM
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Automatic Teller Machine
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autonomous consumption
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consumption independent of income
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autonomous saving
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saving independent of income
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average rate of tax
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the percentatge of gross income payable in tax
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AWA
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Australian workplace agreement
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award
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minimum wage and working conditions for a particular occupation or type of work
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AWE
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average weekly earnings
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AWOTE
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average weekly ordinary time earnings
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backward integration
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merging or taking over a firm which supplies raw materials for a firm's output
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bank
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business issued with a banking licence
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barriers to entry
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cost preventing the entry of new firms into an industry
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BAS
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business activity statement
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black market
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illegal market for trade in goods or services at market prices
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blue collar emplyment
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persons employed in manufacturing and trades industries
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bond
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government debt instrument
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boom
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the peak of economic activity in the business cycle
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borrower
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person business or government borrowing funds
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borrowing rate
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interest rate paid for borrowing funds
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break even income
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that level of income where all income is spent of C=Y
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broad money
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M3 plus borrowings from private sector by NBFIs less holdings of currency and bank deposites
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brokerage
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fee or commission charged by stockbrokers to clients
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budget deficit
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budget outcome where government spending exceeds revenue (G>T)
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budget surplus
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budget outcome where government revenue exceeds spending (G<T)
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business cycle
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the tendency for economic activity in market economics to swing from low to high periods of activity over time
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capital accumulation
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process by which the capital stock is increased over time
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capital gain
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financial gain from the sale of a financial asset at a higher price than the purchase price
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capital gains tax
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tax applied to the real gains from share or real estate sales
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capital goods
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the produced means of production
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capital/labour or substitution
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use of capital in place of labour in production
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cash market
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market involving commercial banks and the Reserve Bank
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cash rate
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the interest rate paid for overnight borrowing of cash
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casualisation
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trend towards outsourcing and use of casual labour
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certificate of deposit
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debt instrument sold by banks to depositors
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Certified Agreement
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agreement over wages and working conditions negotiated between a trade union and an employer
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CGS
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Commonwealth Government securities
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CHESS
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Clearing House Electronic Sub-register System
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choices
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alternatives faced in production consumption and employment
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circular flow of income
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model of flows of income resources and output in an economy
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collective goods and services
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goods and services that satisfy collective needs and wants
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collusion
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situation of firms agreeing to restrict competition
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commercial bill
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bill of exchange drawn by one party on another
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commercialisation
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where PTEs guarantee a rate of return to owners
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commission
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source of unearned income based on the volume or value of goods services or the assets sold fee brokerage charged by brokers for their services
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company tax
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tax on company income or profits at a rate of 30%
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competition policy
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government policy used to achieve effective competition
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competitive neutrality
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level playing field for PTEs and private firms
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complements
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goods used jointly in consumption or production
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conciliation
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where an industrial tribunal attempts to get conflicting parties to agree on a resolution to an industrial conflict
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conglomeration
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business entity consisting of subsidiaries not always in the same line of production
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constitutions
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document outlining division of powers between government
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consumer goods
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goods that satisfy consumers needs and wants
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consumer preferences
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a ranking of consumer tastes for goods and services
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consumer sovereignty
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ability of consumers to determine the pattern of production through their spending decisions
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connsumer
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person purchasing and consuming goods and services
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consumption function
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sum of autonomous and induced components of consumption
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consumption schedule
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table showing levels of consumption at various levels of income
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consumption
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that part of income spent on goods and services (C=Y-S)
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contraction in demands
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fall in quantity demanded due to a rise in price
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