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10 Cards in this Set
- Front
- Back
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What is economic growth? |
Economic GrowthOccurs when a country produces more goods and services than the year before
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What is a recession in the economy? |
A recession Occurs when the economy is not experiencing growth over a period of 6 months or more
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Why do Australians buy Australian made products?
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Australians buy Australian made products because they know it has been made on home turf and it helps the Australian economy.
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Why does Exporting goods make Australia's economy strong? |
By exporting goods overseas money is brought back to Australia, creates more jobs for Australians and strengthens the bond between countries.`
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What happens if there is a high rate of unemplyment? |
If there is a high rate of unemployment less money is made bringing the economy down.
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What is a producer? |
A producer is someone who makes and sellsgoods and services. |
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what are 3 important players in micro economy? |
1. consumers 2. goods and services 3. Producers |
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The laws of supply and demand impact on each of the following |
Prices Levels of production use of recources |
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What is the role of the Australian government in the economy? |
to determine Taxes and the investment of taxes |
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What is the role of Banks in the Australian economy. |
Oversee economic activity Monitor the Australian dollar varies intrest rates |
