MAO PRAC EXAM
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Last updated 12:07 AM on 11/8/22
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5 Terms
1
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conditions of scarcity
It is about people making choices under ________ and uncertainty.
2
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Inflation devalues peoples incomes
________, spending power and savings.
3
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Australian household
It is measured by calculating the average percentage price increases of a basket of consumer items typically used by ________.
4
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downwards movement
An expansion for demand occurs when there is more demand (usually at a lower price) and there is a(n) ________ along the demand line.
5
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annual percentage
The ________ change n the CPI is used as the measure of inflation.
