Economic Concepts Flashcards

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Countercyclical budgetary policies

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Policies designed to counteract the economic cycle by reducing spending during booms and increasing it during recessions.

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Tax rates

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The percentage at which an individual or corporation is taxed.

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Natural resources and productive capacity

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The quantity and quality of natural resources influence an economy's productive capacity.

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Government welfare benefits and assets test

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The assets test helps decide eligibility for government welfare benefits.

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Australian Trade Commission (Austrade)

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A government statutory authority designed to promote Australian exports abroad.

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Baby boomers

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Refers to the larger than average group of people born in the 10–15 years or so following the end of World War II in 1945.

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Price collusion

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An illegal agreement between firms to fix prices, limiting competition.

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Cyclical recessions

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Periods of economic decline that are part of the business cycle.

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Personal tax

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A tax levied on individuals' income.

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Welfare outlays

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Government spending on welfare programs.