Social science
Land, Labour, Capital, Enterprise
What are the Four (4) Factors of Production?
Causes a movement along the supply or demand curve
What is a change in price?
A model which shows cyclical fluctuations in economic activity over time
What is the business cycle?
What is a Club Good?
Iron ore
What is Australia's number 1 export by value?
A model which illustrates the basic economic problem - scarcity
What is the Production Possibility Frontier (PPF) Model?
Causes a shift in the supply or demand curve
What is a change in a non-price factor?
Consumption + Investment + Government Spending + Net Exports
What is Aggregate Expenditure?
A legislated maximum price sellers are allowed to charge in the market
What is a price ceiling?
Sustainable economic growth, low inflation, full employment, eff. allocation of resources & a more eq. dist of Y
What are the Australia Government's economic objectives?
Other things held constant
What is ceteris paribus?
A market quantity restriction imposed by a Government to limit the amount of a good/service produced
What is a quota?
Where there is a mismatch between the jobs available and the skill levels of the unemployed
What is structural unemployment?
The free-rider effect
What is the market failure associated with Public Goods?
1. China
2. USA
3. Japan
What are Australia's top-three two-way trade partners?
Examples include share prices, building approvals and consumer confidence.
What are leading indicators?
Negatively cross-elastic in demand
What is a complementary good?
Nominal rate of GDP growth
What is economic growth not adjusted for the effects of inflation?
An illegal business practice where two or more firms agree to work together to reduce market competition and increase profits.
What is collusion (cartel)?
This caused Australia's 2020 technical recession
What is the COVID-19 pandemic?
Mixed-Market Economy
What is Australia's economic system?
A market dominated by a small group of large sellers.
What is an oligopoly market?
Foreign investment in Australia, Australian investment abroad
What are the two sections of the Financial Account in the Balance of Payments?
The result of imposing a tax/subsidy on a market with externalities.
What is internalising the externality?
Caused by the sale of sub-prime mortgages in America in 2008
What is the Global Financial Crisis (GFC)?