Economics Terminology
Graphs
Demand/Supply
Labour Demand/Supply
Australian Economy
100
What a consumer is willing and able to pay at a certain price
What is Demand
100
The movement along the demand curve due to a change in price shown in this diagram.
What is contraction in demand?
100
When demand exceeds supply
What is a shortage?
100
The proportion of workers that are working or actively seeking work.
What is labour force participation rate?
100
What is the current interest rate?
4.35%
200
The measurement of Economic Growth adjusted for inflation
What is Real GDP?
200
The movement in the supply curve in the diagram below.
What is an increase in supply?
200
What happens to demand when price increases
What is a contraction in demand?
200
The population of 15 years and over
What is labour force?
200
What is the current unemployment rate?
3.5%
300
The measurement of quality of life
What is HDI?
300
The intersection of the demand and supply curve as shown in the picture below.
What is market equilibrium?
300
What happens to supply when price increases
What is an expansion in supply?
300
The output produced per worker
What is labour productivity?
300
What is the current labour participation rate?
66%
400
The measurement of income and wealth distribution
What is the Gini Coefficient
400
The cause of the surplus in the diagram below:
What happens in the market when the price increases?
400
If the price of a substitute decreases what happens to demand?
Decrease in demand.
400
The lack of skills and qualification in Australia in a particular industry
What is skills shortage?
400
What is the current Real GDP for Australia?
1.2%
500
What a supplier is willing and able to supply at a certain price
What is supply?
500
The cause of the shortage shown in the diagram below:
What happens in the market when the price decreases?
500
What happens when the price of a complement increases?
Demand decreases
500
The impact on supply of labour if wages increase
Supply increases
500
What is HDI for Australia?
0.951
600
The number of people that are actively seeking work but have not found work.
What is the unemployment rate?
600
The graph below shows:
How is the wage rate determined in a market?
600
If there is excess supply, how does the market go back to equilibrium?
The suppliers will reduce price to sell the excess supply until the price reaches equilibrium.
600
How does this Government assist with skills shortage in the industry?
Through skilled migration.
600
What is the gini co efficient for Australia
0.32