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Definition
| Social science that study the decisions made by individuals, business, governments and other groups about how scarce resources are allocated |
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Definition
| The aggregate welfare of people in a country and how well off they are, made up of material and non-material |
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Definition
| forces of demand and supply and how they interact in changing market conditions |
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Definition
| Any place that allows consumers and producers to interact and exchange currency for G+S |
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Term
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Definition
| The cost of an alternative choice forgone in order to pursue an action |
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Definition
| Inputs used for the production of G+S |
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Term
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Definition
| A situation where resources are limited compared to the demand placed upon them as a result of unlimited wants and needs. |
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Definition
| An individual or firms undertaking economic action that imposes a 3rd party either positively or negatively. |
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Definition
| Can be equated with productivity of resources or the value of G+S produced per unit of input |
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Term
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Definition
| Is the price of one good or service in comparison with another. |
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Definition
| Volume of production, employment, incomes and expenditure in an economy. |
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Definition
| Final market value of all goods and services produced in Australia |
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Definition
| Total income based on estimates of all income in the economy. |
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Definition
| Based off estimates of total outputs produced. |
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Definition
| Based on estimates of total expenditure on final market products |
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Term
| GNE Gross National Expenditure |
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Definition
| Total expenditure spending by Australians on goods and services. |
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Term
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Definition
| sustained increase in the aggregate or general price level in an economy. |
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