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Economic Terms

Match the term to the corresponding meaning

1inflation _____One of Australia's main exported services
2deflation _____Products and services sent (sold) OUT of a country
3income _____Measures the total value of all goods and services produced in an economy in a year
4Exports _____Money received in exchange of exports and imports
5Imports _____Periods of increasing economic activity in the business cycle
6Business cycle _____Source of government income
7taxation _____Where one currency rises, the other currency does this
8Expansion _____Periods of high and low economic activity
9Foreign exchange _____the value of money in terms of what it can buy at a specified time
10Contraction _____Where a currency moves in an upwards direction
11Boom _____Products and services brought (purchased) INTO a country
12Recession _____A period of increasing prices
13Gross Domestic Product _____An increase in the level of economic activity where income and production are high
14Depression _____A period of decreasing prices
15Balance of trade _____A period of high unemployment, high low economic activity
16Purchasing power _____The difference between the values of exports and imports of a country,
17Infrastructure _____Provided by the government
18Iron ore, livestock, coal, wool _____Some of Australia's main exports
19Education-related travel _____Periods of decreasing or slowing economic activity in the business cycle
20Cars, refined petroleum, delivery trucks _____Severe downturn in economic activity
21Appreciation _____Some of Australia's main imports
22Depreciates _____Money received by employees in exchange for labour

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