Outcome 2 Flashcards
What is GDP
GDP stands for Gross Domestic Product and is used to measure a countries economic growth.
Economic growth
A positive change in the level of goods and services produced by a nation over a period of time.
What is sustainable economic development
Expanding an economy’s production levels to meet the needs for goods and services of the present population without comprising the needs of the future generations.
What is carbon tax
Was an indirect tax put on carbon emissions on Australia’s economy in 2012
What is the definition of Negative externalities
Adverse consequences or costs imposed on a third party due to an individual or firm undertaking economic activities.
What is the definition of positive externalities
Benefits that arise during the production of economic activities enjoyed by the third party.
What is Carbon footprint
The amount of carbon dioxide released into the atmosphere as a result of the activities of a particular individual, organization, or community.
