Economics, y10 government

macroeconomics

the study of the economy as a whole, focusing on national trends like inflation and GDP

microeconomics

the study of the individual components of the economy, such as specific businesses or personal finance costs

direct tax

taxes paid directly to the government by the taxpayer

indirect tax

taxes paid as part of the purchase price

government spending

money spent by the government on public services

consumption spending

money spent by households on goods and services

gdp

gross domestic product, total value of goods and services produced by a country in a year, valued in current dollars

gdp per capita

the gdp divided by the population, average output per person

prime minister

christopher luxon

minister of housing and infrastructure

chris bishop

minister of finance

nicola willis

minister of education

erica stanford

minister of health

simeon brown

disinflation

when prices are still rising, but at a slower rate than they were before

inflation

when the general price of goods and services keeps rising over time

deflation

when the general price level of goods and services goes down

economic growth

increase in value of total output of a country

low unemployment rate

most people looking for a job can find a job

price stability

keeping inflation low and steady

transfer payment

money given by the government to people for no work in return

unemployment

when a person does not have a job, but is available and is actively looking for one

underemployed

when someone has a job but wants more hours, or their job doesn’t use all their skills

fiscal policy

how the government uses spending and taxes to influence how the economy is doing

expansionary policy

a speed up policy where the government spends more or cuts taxes to boost the economy

contractionary policy

a slow down policy were the government spends less or raises taxes to cool the economy

discouraged workers

individual who is unemployed, available for work, but has stopped seeking employment