ECONOMIC INDICATORS
This measures the percentage increase in the value of goods and services produced by an economy over time.
What is economic growth?
This refers to the level of material and non-material wellbeing experienced by people.
What is living standard?
$200
The government collects this from individuals and businesses to fund public services.
What is taxation?
This is the amount consumers pay to purchase a good or service.
What is price?
Australia sells goods and services to other countries. These are called this.
What are exports?
This measures the percentage of people in the labour force who are actively seeking work but cannot find a job.
What is the unemployment rate?
GDP divided by the population is commonly used to calculate this measure.
What is GDP per capita?
Government payments such as pensions and unemployment benefits are examples of these.
What are transfer payments?
Advertising, price, convenience and ethical considerations can all influence this.
What are consumer decisions?
Goods and services purchased by Australians from overseas are called this.
What are imports?
This measures the general increase in the prices of goods and services over time.
What is Inflation
A country can experience economic growth without every person experiencing an improvement in this.
What is living standards?
Increasing taxes and reducing government spending can reduce demand in the economy.
What is contractionary fiscal policy?
When interest rates rise, the cost of borrowing money generally does this.
What is increase?
Australia trades internationally partly because countries can specialise in producing goods and services where they have an advantage.
What is specialisation?
Australia's economic performance can be assessed using economic growth, unemployment and this indicator of changing prices.
What is inflation?
Housing affordability, employment opportunities, income and access to services can all affect this.
What are living standards?
The government may use this type of policy to improve productivity by investing in education, training and workforce development.
What is productivity policy?
A consumer who compares prices, checks product information and considers long-term costs is making this type of decision.
What is an informed financial decision?
A disruption to international supply chains can affect Australian businesses by increasing these.
What are costs?
If Australia's GDP increases from $2 trillion to $2.1 trillion, this indicates that the economy has experienced this.
What is economic growth?
This measure looks beyond economic output and considers dimensions such as health, education and income.
What is the Human Development Index?
Name 2 services provided by the government to redistribute wealth.
Pension, welfare, disability support, child benefits
A major purchase made using borrowed money can have both short-term and long-term consequences because of this additional cost.
What is interest?
Australian households, businesses, government and overseas economies are connected because decisions or events in one part of the economy can affect these other participants.
What is interdependence?