Australia's economy Flashcards
(7 cards)
1
Q
What is inflation?
A
Increase in price of goods and services in an economy
2
Q
What is GDP?
A
The market value of all goods of a nation in a given year
3
Q
What is GDP per capita?
A
Average income of one person per year
4
Q
What does an increase in GDP mean?
A
A country is producing more and people are spending more. This means the country has a growing economy
5
Q
What is a trend?
A
A direction of change that is becoming more common
6
Q
Examples of a trend?
A
- Way of behaving
- Way of dressing
- Eating habits
6
Q
A
