Economic growth - Gross Domestic Product – Value of all economic activity, Inflation - An increase in goods and services that households buy., Levels of unemployment - Are the number of people actively looking for work., Monetary Policy - is carried out by the RBA which speeds up or slows down the economy by setting the 'cash rate.', Cash rate - is an interest rate that households, businesses and governments pay to borrow money and/or receive for savings., The five major industries for Australia are - Tourism, Agriculture, Retail, Health and Mining., Economy - is the system for deciding how scarce resources are used so that goods and services can be consumed., Household, Government, Financial, Overseas and Firms are all sectors of - the circular flow model., Injections - are ways money is put into the economy., Leakages - are ways money is taken out of the economy., Examples of an injection are - investment, government expenditure and exports., Examples of leakages are - savings, taxation and imports., Income is a - financial payment exchanged for labour or investment (capital), Wealth is - the value of all the assets owned by a household or person less the value of all liabilities., Economic wellbeing is - the overall financial position of a person or household that provides their ability to consumer goods / services, Basic needs - is the expenditure of essential items – food, shelter, medical., Discretionary expenditure - is having the ability for expenditure on wants – items that improve / enhance a person of household lifestyle., Two-way trade - is happening when countries both import and export the same or similar good, Three objectives of monetary policy are - creating a stable currency, increase prosperity & welfare and to have full employment., A stable currency is - Maintaining control of inflation – making prices affordable for all of Australia., Prosperity & Welfare increase is when - the standard of living for all citizens – better lifestyle, healthier life, access to goods and services.,

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