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60 Cards in this Set

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