Year 10 Business & Economics - Wk 2

Gross Domestic Produce

Gross Domestic Product

Gross Durable Product

Gross Domestic Progress

The value of all capital goods produced in an economy.

The real growth in the household sector of an economy over time

Leakages + Injections = Economic Growth

The real growth in the volume (value) of goods and services produced in an economy over time

GDP

HDI

Inflation

Unemployment

Increase

Decrease

Remain the same

Economic growth and COVID are unrelated

A rise in price level resulting in a fall in purchasing power.

A fall in the price level resulting in a rise in purchasing power

A rise in the price level resulting in a rise in purchasing power

A fall in the price level resulting in a fall in purchasing power

GDP

HDI

Unemployment Rate

CPI

-1% to -2%

0% to 1%

1% to 2%

2% to 3%

Wages

Rent

Land

Interest

High levels of inflation

Low levels of inflation

Unchanged levels of inflation

Inflation is tied to economic growth (i.e. a 1% increase in economic growth means a 1% increase in inflation).

Patterns and trends

Economic criteria

A justified conclusion

Correct formatting and spelling + grammar