Economics Concepts T1L2

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What is an Economy?

Back

An economy is a system of production, distribution, and consumption of goods and services.

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Economic Indicators

Back

Economic indicators are statistics that provide information about the economic performance and predictions for future performance.

Front

Importance of Economic Indicators

Back

They help in assessing the health of an economy and guide policy decisions.

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Role of Central Bank

Back

The central bank manages the cash rate and influences monetary policy.

Front

Income

Back

Money received, especially on a regular basis, for work or through investments.

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Government

Back

The governing body of a nation, state, or community.

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Supply

Back

The total amount of a product or service available to consumers.

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Banks

Back

Financial institutions that accept deposits and provide loans.

Front

Reserve Bank

Back

The central bank of a country, responsible for monetary policy.

Front

Production

Back

The process of creating goods and services.