Imports, Exports & Unemployment
Goods and services Australia buys from overseas.
What are imports?
The basic economic problem caused by unlimited wants and limited resources.
What is scarcity?
A general increase in the prices of goods and services over time.
What is inflation?
Policy involving changes to interest rates and the supply of money.
What is monetary policy?
This sector supplies labour and purchases goods and services.
What is the household sector?
Goods and services Australia sells to other countries.
What are exports?
The value of the next-best alternative that is given up when a decision is made.
What is opportunity cost?
The measure commonly used to track changes in Australian consumer prices.
What is the consumer price index?
Government decisions involving taxation and government spending.
What is fiscal policy?
This sector produces goods and services and employs workers.
What is the business sector?
Unemployment caused by changes in industries, technology or the skills employers require.
What is structural unemployment?
The study of individual consumers, businesses and specific markets.
What is microeconomics?
Income, housing and access to essential goods are examples of this type of living standard.
What are material living standards?
The Australian institution responsible for setting the cash rate.
This sector collects taxes and provides services such as education, healthcare and transport.
What is the government sector?
Unemployment that increases when economic activity falls during a recession.
What is cyclical unemployment?
The study of the economy as a whole, including inflation, unemployment and economic growth.
What is macroeconomics?
This is the current rate of consumer price index in Australia (%).
What is 4%?
The three key economic questions created by scarcity.
What are what to produce, how to produce and for whom to produce?
Banks and other institutions that connect savers with borrowers belong to this sector.
What is the financial sector?
Unemployment caused when people are temporarily moving between jobs.
What is frictional unemployment?
The total value of final goods and services produced in a country over a period of time.
What is Gross Domestic Product?
The group of typical household goods and services used to calculate the CPI.
What is the basket of goods and services?
The economic problem caused by limited resources and unlimited wants.
What is scarcity?
Households provide this human resource to businesses in exchange for wages.
What is labour?