Hass validation economics Year 10
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11 Terms
Economic growth
When a country produces more goods and services over time. It improves living standards by giving people more income and jobs.
Unemployment
When people who want a job can’t find one
Inflation
The increase in prices for goods and services over time
Living standards
How well someone’s quality of life is such as their income and access to goods and services
Business cycle
The natural rise and fall of economic activity over time
High inflation
Reduces living standards because prices rise faster than income
High unemployment
Lowers living standards because fewer people earn money
GDP per captia - Australia
Very high so people earn a lot
GDP per capita - Madagascar
Very low so people earn less
Fiscal policy Australia
The government cuts taxes so people have more money to spend
Fiscal policy Madagascar
The government spends more on roads and schools to create jobs
