Scarcity - The basic economic problem that arises because resources are limited while wants are infinite., Opportunity Cost - The value of the next best alternative foregone when making a choice., Inflation - A sustained increase in the general level of prices in an economy over time., GDP (Gross Domestic Product) - The total value of goods and services produced in a country over a specific period., Unemployment - The situation when people who are willing and able to work cannot find a job., Productivity - A measure of how efficiently goods and services are produced, often expressed as output per unit of input (e.g. labour)., Consumer Price Index (CPI) - An index measuring the average change over time in the prices paid by consumers for a basket of goods and services., Recession - A period of economic decline lasting at least two consecutive quarters, marked by reduced GDP, income, and employment., Depression - A prolonged and severe recession, marked by widespread unemployment, business failures, and significant decline in economic activity., Qualitative Measures - Non-numerical indicators of economic performance, such as health, education, and environmental quality., Budget - A financial statement outlining the government's planned revenue and expenditure for a specific period., Taxation - The system by which a government collects money from people and businesses to fund public services., Supply - The quantity of a good or service that producers are willing and able to sell at various prices., Demand - The quantity of a good or service that consumers are willing and able to buy at various prices., Economic Growth - An increase in the production of goods and services in an economy over time, usually measured by growth in GDP., Living Standards - The level of wealth, comfort, material goods, and necessities available to a person or society. Includes both material and non-material indicators., Fiscal Policy - The government's use of taxation and spending to influence the economy, typically managed through the federal budget., Monetary Policy - The control of the money supply and interest rates by a central bank (e.g. RBA) to influence inflation, employment, and economic growth., RBA (Reserve Bank of Australia) - Australia’s central bank that manages monetary policy, including setting interest rates to maintain economic stability., Consumer - A person or group who purchases goods and services for personal use., Producer - A person, company, or country that makes, grows, or supplies goods or services for sale., Economic Problem - The issue of scarcity and the need to make choices because resources are limited but wants are unlimited., Price Mechanism - The interaction of supply and demand to determine the price and quantity of goods and services in a market., Labour Force - The total number of people aged 15 and over who are either employed or actively looking for work., Employed - People aged 15 and over who have worked for at least one hour in the previous week for pay, profit, or family business., Cash Rate - The interest rate set by the Reserve Bank of Australia (RBA) that influences the rates banks charge each other for overnight loans. It affects broader interest rates in the economy, including home loans, savings, and business lending.,

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