Picture This
The options of producing two different goods
What is opportunity cost?
Price goes up and demand goes down.
What is the law of demand?
The policy to encourage upskilling
What is the FWA 2009
It reached below 5% for the first time in over a decade
What is unemployment
It's the production and consumption of goods
What is supply and demand?
It means more is less
What is the Law of Diminishing Returns?
It's the lending rate and borrowing rate
What is the corridor system?
It has not been in the target range since 2016
What is inflation
The long run average cost curve
What is economies of scale?
The employed plus the unemployed
What is the labour force?
It's the government supporting low income earners
What is welfare?
It was 0.30 now 0.34
What is income distribution (gini coefficient)
It moves up and down like a roller coaster
What is the business cycle?
Trade off between inflation and unemployment
What is the Phillips Curve?
It's the increase in output of workers
What is a productivity offset?
It has been causing people to work fewer hours
What is underemployment?
It's five sectors and 8 channels
What is the circular flow of income?
Government intervention is frequent and large
What is a planned economy?
The effects of monetary policy
What is the transmission mechanism?
It is the lowest it has ever been.
What is the cash rate?