| A | B |
|---|
| five | the number of sectors in an economy |
| financial sector | sector of the economy you would use to deposit cash |
| household sector | sector of the economy that provides labour for businesses |
| taxation | term used to describe the money people pay the government |
| goods and services tax | what does gst stand for |
| income tax | the name of tax taken out of our pay |
| improvement of schools, hospitals, roads etc | what the government spend tax on |
| overseas sector | name of sector that deals with imports and exports |
| business sector | name of sector that provides wages to employees |
| goods | name given to the tangible items we buy |
| services | term used when we pay someone for their skill eg chef or hairdresser |
| savings | term used to describe the money we deposit in a bank |
| factors of production | land labour capital and enterprise are collectively known as this |
| land | the natural resources used in production of goods and services |
| labour | human effort used in the production of goods and services is which factor of production |
| capital | the machinery used to produce goods and services is this factor of production |
| enterprise | factor of production that describes the idea or innovation that helped create a product or service |
| water, sea, forests, minerals | examples of land associated with factors of production |
| farm worker, teacher, banker, nurse, pilot | examples of labour associated with factor of production |
| business cycle | diagram that shows the increase and decrease of output |
| expansion | phase of business cycle when employment and wages start to increase |
| contraction | phase of business cycle when unemployment is increasing |
| peak | term for top part of business cycle |
| trough | term for lowest part of the business cycle |
