Economic Indicators
The measure of the increase in the price of goods and services.
What is inflation?
This term describes the regular ups and downs in economic activity over time.
What is the Business Cycle?
The two types of living standards.
What are material and non-material?
These groups purchase goods and services for personal use and receive income.
Who are households?
What is the study of how people seek to satisfy their needs and wants by making choices?
What is Economics?
This indicator tracks the percentage of people in the labor force who are without jobs but actively seeking work.
What is the unemployment rate?
This phase of the cycle features increasing GDP, falling unemployment rate, and rising consumer confidence/purchases.
What is expansion?
Unemployed and people living with a disability often rely on this for income.
What is welfare/centrelink/a pension?
These entities produce goods and services to sell in the market.
What are businesses?
Actions taken by the Reserve Bank to control interest rates.
What is monetary policy?
The most commonly used measure of economic growth.
What is CPI?
This is the lowest point in the business cycle, where economic activity bottoms out before recovery begins.
What is a trough?
Factors that affect a person’s quality of life regardless of their income.
What are non-material living standards?
This participant collects taxes and provides public goods and services.
What is the government?
When government expenditure is greater than revenue.
What is a budget deficit?
This economic indicator is used to gauge the health of the labor market and includes those employed and looking for increased hours in their job?
What is the underemployment rate?
This phase of the business cycle is marked by falling GDP, rising unemployment, and reduced consumer spending.
What is a recession?
This refers to the level of economic wellbeing which is influenced by Gross Domestic Product per capita, incomes and consumption of goods and services.
What are material living standards?
This participant in the economy influences interest rates, controls the money supply, and aims to maintain economic growth and stability.
What is the Reserve Bank?
The name of Australia’s official interest rate as set by the Reserve Bank.
What is the official cash rate?
This measure divides a country’s total economic output by its population, providing insight into the average income and standard of living.
What is GDP per capita?
This term describes a prolonged period of economic decline that is more severe than a recession and can last for years.
What is a depression?
The rate at which the economy grows without jeopardising the living standards of future generations.
What is sustainable growth?
This term refers to the interaction between households, businesses, government, and the financial sector in the flow of income and expenditure.
What is the Circular Flow model?
Spending and taxation policies used by the government to influence how much money consumers and businesses have to spend in the economy.
What is fiscal policy?