| A | B |
|---|
| money | medium of exchange made up of dollars and cents |
| characteristics of money | portable, divisible, nationally accepted and uniformal |
| transaction | a term that describes the exchange of money for a good or service |
| loan | a term used when you borrow money from the bank |
| denominations | a collective term that refers to the $5, $10, $20, $50, $100 available in Australian |
| credit | a card that allows you to buy now and pay later |
| high interest charge | a disadvantage of using credit cards |
| inflation | a general increase in the level of prices |
| factors of production | collective name given to land, labour and capital |
| good | a tangible item we can see and touch |
| service | a term used when you pay for someone’s EXPERTISE to carry out a specific task |
| capital | collective name of machinery or items required in the running of the business |
| land | Great Barrier Reef is an example of this factor of production |
| labour | employees is an example of this type of factor of production |
| cookers and fridges | an example of a capital goods if you ran a restaurant |
| chef or waitor | an example of labour if you ran a restaurant |
| portable | characteristic of money that means easy to carry around |
| durable | characteristic of money that means it doesnt wear out easilys |
| divisible | characteristic of money that means it can be broken down into different units |
| law of demand | this law states that when price goes up demand goes down |
| law of supply | this law states that when price goes up supply goes up |
