Year 10 v9 Term 1 Economic terms

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Economics

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The study of the ways in which a society decides to use its scarce resources to satisfy unlimited wants.

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Scarcity

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The idea that an economic system cannot produce all goods/services that consumers want. Consumers do not have the financial resources to buy all the goods/services they want.

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Economy

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A complex system of interrelated production, consumption, and exchange activities that ultimately determines how resources are allocated among all the participants.

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Microeconomics

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The branch of economics that studies individual markets and the decisions made by individuals and firms.

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Macroeconomics

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The branch of economics that focuses on the overall performance and behaviour of an entire economy.

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Cash rate

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The interest rate which banks pay to borrow funds from other banks in the money market on an overnight basis.

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Monetary Policy

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The branch of economics that studies individual markets and the decisions made by individuals and firms.

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Economic growth

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An increase in the size of a country's economy over a period of time, typically measured by the total production of goods and services, known as gross domestic product (GDP).

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Gross Domestic Product (GDP)

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An indicator of economic performance, measuring a national economy's total output in a given period, seasonally adjusted to eliminate quarterly variations.

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Nominal economic growth

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The increase in the dollar value of production over time.