infrastructure the facilities, services and installations needed for a society to function, such as transportation and communications systems, water and power lines interest a charge made for the use of money that has been deposited or borrowed investment the direction of money into the purchase of equipment or premises for the establishment of a new business, or the expansion of an existing business labour the human skills and effort required to produce goods and services mortgage loan a loan advanced to allow a person to buy a house or other property, with the property itself as security for the loan. This means the bank or other lender can take possession of the property if the borrower fails to make the regular payments. privatise to sell a government-owned provider of goods or services to private investors progressive tax system in theory, people who earn more money pay more income tax tariff a tax on goods imported from a foreign country tax a compulsory financial charge or some other type of levy imposed on an individual, household or business by a government body in order to fund government spending unemployment benefit a welfare payment by government to people who are unemployed and looking for work. Such payments in Australia are generally known as the JobSeeker Payment.
21.7.3 Reflection Complete the following to reflect on your learning.
Revisit the inquiry question posed in the Overview: What is your role within the economy, what do you need to know and who can help? 1. Now that you have completed this topic, what is your view on the question? Discuss with a partner. Has your learning in this topic changed your view? If so, how? 2. Write a report outlining a well-known scam and how being financially literate can help identify such scams.
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622 Jacaranda Humanities Alive 8 Victorian Curriculum Third Edition
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