HASS Econmy Y9 Flashcards
Transnational Corporation
a company that operates in two or more countries
Supply Chain
the sequence of processes involved in the production and distribution of a commodity
Quaternary Industry
innovation
Service Industry
A service industry is one that provides intangible products or services
Secondary Industry
building
Primary Industry
raw matriels
Cash rate
When banks need money, they borrow from each other. The cash rate is the interest they pay to borrow this money.
RBA
Reserve Bank of Australia
Fiscal Policy
when the govment rasies or decrrses taxes to change the econmy
Unemployment
persentgae
the number of peoeple currantly not looking for work or not emplyed
4%
Inflation
Inflation is when the prices of most goods and services rise over time
3%
Economic Indicator
An economic indicator is like a speedometer for an economy.
It’s a number that tells us how fast the economy is growing or shrinking
Trade Deficit
A trade deficit happens when a country imports more goods and services than it exports
Trade Surplus
a country exports more goods and services than it imports
Economic Growth
means an economy is expanding. This means it’s producing more goods and services than before
Circular Flow Model
do one now !
Gross Domestic Product
GDP
t’s a measure of the total value of all goods and services produced within a country
Scarcity
lack of a rrsource
Interdependence
Interdependence means that two or more things depend on each other. They rely on each other to survive, function, or succeed
Macroeconomics
Macroeconomics is the study of the big picture of an economy, looking at how factors like unemployment, inflation, economic growth, and interest rates impact i
t
tarif
tax on exports and imports
tertiary industry
selling
ecnomic problem
there are limited resources available to meet unlimited human wants and needs.
microecnomics
Microeconomics studies how individuals and businesses make decisions about scarce resources.
why
why will the unemopylemnt rate never reach 0%
-there are always peopple entring the workforce
-industry shift:jobs losses in sectors
-economic downturn:Recessions lead to job losses
-
exports
imports
-money going to another contry for a G+S
