Economic Performance
A market economy based on supply and demand with little or no government intervention
What is a free market?
The level of material welfare of a community, class or person
What are living standards?
An employee who is ongoing and works 38 hours per week
What is a full time employee?
A state of actively searching for employment, but being unable to find work
What is unemployment?
The percentage of people in the workforce who are in part-time or full-time work
What is the employment rate?
Money that an individual receives in exchange for working, of which wages and salaries are the most common form
What is income?
A measure of the total value of production of goods and services in an economy over a period of time (usually one year)
Gross Domestic Product
A measurement of happiness of a country according to various criteria
What is a happiness index?
the value of all assets owned by an individual that have the ability to earn income in the future
What is wealth?
An index that compares the performance of different countries, companies or enterprises on sustainable use of resources such as water and energy
What is a sustainability index?
An association of nations around the world, which was established to promote economic growth, prosperity and trade
What is the Organisation for Economic Co-operation and Development (OECD)?
Part of the economy owned and operated by individuals and companies
What is the private sector?
the official statistical organisation for Australia. They provide statistics on a number of issues that cover economics, society and the environment.
What is the Australian Bureau of Statistics?
A ranking of all the countries in the world based on several factors, including life expectancy, infant mortality, education and income.
What is the Human Development Index?
An employee who is not ongoing and works when required by the business; the employee receives a slightly higher hourly rate instead of holiday and sick leave
What is a casual employee?