definitions
Gross Domestic Product
Value of all final goods and services produced in a year. GDP per capita = value divided by population to get each person’s share.
when price is high, demand is low
when price is low, demand is high
law of demand
to be unemployed
working for and hours or less, actively seeking for work and available for work.
income inequality
the unequal distribution of income in a society
source
materials and resources from the environment/earth. e.g. wood, soil, water
Inflation
Significant and ongoing rise in general level of prices
supply
the quality of a product that a celler is willing to givie price
mains types of unemployment
cyclical, structural, frictional
wealth inequality
is unequal distribution of wealth in a society.
sink
obsorbson of waste and pollution. e.g. carbon being captured by plants.
Economics
Study of how scarce resources are used to meet unlimited demand
law of supply
all else equal, an increase in price results in an increase in the quantity supplied
cyclical
occurs with changes in economic e.g. economy goes up = jobs go up. if economy goes down = jobs go down. does not effect the economy
income
wages/salary, investments and super and social security payments e.g. job-keeper/ job seeker
spiritual
religious belifes related to the environment. e.g. enjoying nature.
Economic Growth
Increasing ability of a nation to meet the needs and wants of its people
what is demand
is the quantity of a product, some one wants to buy. at a given price
structural
mis-mach between job avalibity and people looking for work
how the gov try's to stop income inequality
weal-fair payments, providing goods and services e.g. school/ hospitals , progressive taxation, composery supre anuations, wages policy
services
the services the environment provides to help life. e.g. clean air and drinking water, food chains.
Circular flow of income
Movement of money through different sectors of the economy
factors that effect supply/demand
supply - covid/diseases, natural events, technology \
demand - persons income, taste or preferences, advertising and trends
frictional
when people move between jobs - its short term
how did Australian government deal with covid 19 and the impact on the economy.
they provided people with job keeper and job seeker.
carbon footprint
our impact on the environment