Studied by 4 people
Looks like no one added any tags here yet for you.
barter
the swapping and exchanging of one good for another
business cycle
the cyclical fluctuations in the general level of economic activity
consumption
the purchasing of goods and services to satisfy needs and wants
corporate social responsibility
when businesses consider the interests of stakeholders, society and the environment when making economic and business decisions
depression
a severe contraction in the level of economic activity resulting in business failures, high levels of unemployment and falling prices
economy
activities undertaken for the purpose of production, distribution and consumption of goods and services in a region
exports
goods and services sold by local businesses to overseas consumers
fiscal policy
the use of federal government's budget to achieve economic objectives
globalisation
the process that sees people, goods, money and ideas moving around the world faster and more cheaply than before
global sourcing
seeking out the cheapest materials and supplies across national borders
imports
goods and services purchased by local consumers from overseas businesses
inflation
a general rise in prices across all sectors of the economy, causing money to lose its value
interdependence
reliance of consumers, workers, businesses and governments on each other
interest
the price that must be paid in order to use someone else's money
investment
the use of money to purchase equipment or premises for the establishment of a new business
labour market
the buying and selling of labour
law of demand
states that the quantity of a good or service demanded varies inversely to price
law of supply
states that the quantity of a good or service supplied varies directly with price
market
where the exchange of goods, services or resources between buyers and sellers occurs
monetary policy
The Reserve Bank using interest rates to achieve economic objectives
Note 
Flashcard (20)