Supply and Demand
Goods and services purchased by local consumers from overseas businesses
What is imports
The highest point of a business cycle marking the end of an economic expansion
What is a peak
Responsible for monetary policy
What is the RBA responsible for
Responsible for fiscal policy
What is federal government (treasure & treasury)
Sectors involved in a two sector circular flow model
What is households and firms
As the price of a good/ service increases, the quantity supplied also increases and vice versa
The lowest running point of a business cycle, marking the exact moment when a period of declining economic activity
What is trough
The rate at which the general prices of goods and services rise over time, causing the purchasing power of money to decrease
What is inflation
The gov. uses this policy to raise and lower taxes &/or give/remove grants
What is fiscal policy
The intoduction of outside funds into the circular flow of income
What is Injection
Economic model establishing that the price of goods and services is determined by the relationship between its availability and consumer desire
What is supply and demand
The phase of a business cycle where the economy experiences sustained growth in economic activity
What is expansion
What is recession
This policy raises/lower interest rates
What is monetary policy
The withdrawal or division of funds from the circular flow of income
What is leakage
The oversupply of goods in comparison to demand
What is surplus
The phase of a business cycle where a country's overall economic activity declines
What is contraction
This is the highest price of the oil barrels during the Middle East conflict
What is $120? (give or take 5)
Government did this to heavy vehicle road users to help intervene with the fuel markets
What is the reduction which gov. halved the fuel excise
The 4 Factors of production
What is land, labour, capital and entrepreneurship
When supply meets demand
What is price equilibrium
the total monetary value of all finished goods and services produced within a country's borders during a specific period
What is GDP?
4.2% - 4.5%, it fluctuates
What is the current inflation rate
This plan helps to manage global supply chain disruptions and protect Australia's critical fuel supplies
What is the National Fuel Security Plan?
The 5 sectors of the circular flow model
What is households, firms, financial, government, overseas