Inflation
Consumer Price Index
What does "Rizz" stand for?
Charisma
Unemployment that stems from work that is only available part of the year, such as workers at a ski lodge, or strawberry pickers
Seasonal unemployment
Provide an example of a countercyclical economic indicator
Unemployment
Gold prices
This country faced hyperinflation after losing WW1
Weimar Republic/Germany
The two main causes/types of inflation
Demand pull
Cost push
Who is famous for saying “skibidi dop dop yes yes”?
Skibidi Toilet
The sum of people either working or looking for work
Labour force
When in the business cycle is unemployment highest
The trough
The prime minister who teamed up with treasurer Wayne Swan to stop Australia from going into recession during the 2008 Global Financial Crisis
Kevin Rudd
This group of people benefit when inflation is high
Borrowers or people who spend their money
No lie, it's the truth
3 main types of unemployment
Frictional
Structural
Cyclical
What is the effect of high inflation on the business cycle
Slows it down, reduces discretionary spending
This country intentionally printed lots of money and caused hyperinflation in an effort to equalize wealth and abolish money in the name of achieving communism
Soviet Union
What is the difference between headline and underlying inflation
Underlying inflation takes out the most volitaile short term price changes, and is used for longer term trend analysis.
Who is Tung Tung Tung Sahur's girlfriend?
Ballerina Cappucina
The 4 criteria to be considered "unemployed" according to the ABS
Have not worked 1 hour in the last 2 weeks
Have looked for a job in the last 2 weeks
Over 15 Years Old
Available to start in the next 4 weeks
What is Australia's target inflation and unemployment rates?
Inflation 2-3%
Unemployment 4-5%
An international trading bloc that operates out of Brussels, and created a unified currency.
European Union
Why is deflation bad for the economy
deflation encourages saving your money and not spending, slowing the business cycle
This character likes to bomb children in Palestine
Bombardiro crocodilo
The way that economists determine what "full employment" should be
Structural + Frictional unemployment
Explain why inflation rises when the economy is above full employment
High demand for labour market means higher wages (Demand curve shift right), wages are a factor of production, increased cost of production (S curve shift left) leads to higher prices
The first developed country to be downgraded by MSCI (Morgan Stanley Capital International) from developed market to emerging market status in 2013 due to factors like the ***** debt crisis and market instability.
Greece