Year 10 Business and Economics Examination Revision

Vocabulary flashcards covering core business, economics, and financial literacy terms and concepts for Year 10 Semester 2 revision.

Gross Domestic Product (GDP)

An economic measure evaluated to assess the economic growth of a country, which has recognized limitations in what it fails to measure.

Competitive Advantage

A business condition linked to quality recruitment and effective Human Resource Management that gives a business an edge over its rivals.

Productivity

A measure of output efficiency in business and economics that can be increased through workplace diversity and relates to labour productivity.

Innovation

The creation and application of new business ideas, methods, or products within commercial practice.

Trade Union

An organization that employees can join to access member benefits and receive workplace representation and support.

Human Resource Manager

A management role that contributes to business success through strategic recruitment and fostering employee motivation.

Inflation

An economic concept characterized by a general increase in prices, resulting in distinct groups that benefit and groups that lose.

Demand-Pull Inflation

One of the two primary types of inflation that occurs in an economy, driven by excessive demand.

Cost-Push Inflation

One of the two primary types of inflation that occurs in an economy, driven by increases in the cost of production.

Unemployment

The economic state of individuals without work, occurring in different forms such as frictional, seasonal, and cyclical unemployment.

Frictional Unemployment

A specific type of unemployment in an economy that occurs when workers are in transition between jobs.

Seasonal Unemployment

A specific type of unemployment in an economy that occurs at certain times of the year due to seasonal fluctuations.

Cyclical Unemployment

A specific type of unemployment in an economy linked directly to changes and downturns in the business cycle.

Living Standards

The aggregate welfare of people in a nation, which varies across countries due to factors such as political instability, natural resources, labour productivity, and unemployment.

Material Living Standards

A category of living standards distinguished from non-material standards, referring to the tangible, quantifiable goods and services accessible to individuals.

Non-Material Living Standards

A category of living standards distinguished from material standards, referring to qualitative aspects of human well-being and life quality.

Macroeconomic Policy

An economy-wide economic policy implemented by the government, such as budgetary policy, contrasted with microeconomic policy.

Microeconomic Policy

A targeted economic policy that focuses on specific industries, businesses, or markets, contrasted with macroeconomic policy.

Budgetary Policy

A specific, prime example of a macroeconomic policy utilized by the government to influence the economy.

Superannuation

A mandatory financial system operating in Australia designed to build personal funds needed for long-term retirement.

Credit

A financial facility categorized into multiple types and evaluated in financial literacy as either good credit or bad credit.

Business Cycle

An economic concept describing the recurring phases of expansion, peak, contraction, and trough in economic activity.

Investing in Shares

A personal wealth-building method involving purchasing equity in businesses, distinct from holding funds in savings.

Saving vs. Investing

Two distinct approaches to personal finance and wealth management, where saving focuses on setting funds aside and investing focuses on generating returns.