| A | B |
|---|
| material living standards | term that describes our ability to buy goods and services |
| non material living standards | a term that relates to 'quality of life' |
| factors that influence quality of life | access to education, health care, fresh water, fresh air, low crime rates |
| disposable income | a term that describes the amount of money you have to spend |
| interest rates | an increase in this will mean that household mortgage repayments will increase |
| inflation | a term that describes a general increase in prices over time |
| literacy, training of workforce, employment levels and government spending | factors that influence the level of gdp |
| gross domestic product | GDP stands for |
| examples of industry in australia | finance, health, education, tourism, manufacturing, services |
| examples of 'quality of life' factors | access to clean water, education, hospitals, parks, good work life balance |
| 26.8 million | population size of australia |
| exports | term that describes selling Australian goods to other countries |
| imports | term that describes Australians buying goods from other countries |
| into the country | in relation to the country exports represent the movement of money |
| out of the country | in relation to the country imports represent the movement of money |
| net gain in trading | If the value of exports was greater than imports this would occur |
| net loss in trading | If the value of imports was greater than exports this would occur |
| the treasurer | the title of the person who looks after the money of the country |
| Jim Chalmers | the name of the treasurer of australia in 2024 |
| Switzerland | this country win the Eurovision song contrest in 2024 |
| interest rates | tool used by RBA to control inflation |
| taxation | tool used by government to control spending |
