Definitions
Economics
A social science concerned with the production, distribution, and consumptions of goods and services.
What percentage could be seen as low inflation
Between 2 -3 %
Is Australia a developed or not-developed country?
Developed.
What 2 topics do we cover in this subject?
Economics and Business
When is your exam?
Week 7, Lesson 3
GDP
Gross Domestic Product. It is the measure of the total value of all final goods and services produced within a country’s borders in a specific time period.
Strong and sustainable economic growth need to be between this percentage:
3% - 4%
List these countries in order of lowest to highest standards of living: USA, Denmark, Bangladesh.
Bangladesh, USA, Denmark.
What is worse: a recession or a depression?
A depression.
Name 2 indicators of economic performance.
Any two of: GDP, Economic Growth Rate, Inflation Rate, and Unemployment rate.
Inflation
Occurs when there is an increase in the general level of prices paid for goods and services over a certain period of time. This means the consumer has to pay more for goods and services.
What can be seen as an acceptable unemployment rate:
3 - 5%
What are the two types of standards of living?
1. Material
2. Non-material
Which level of Government is responsible for tax?
State and Territory.
How many states and territories are there in Australia?
8 (TAS, VIC, NSW, ACT, QLD, SA, NT, WA)
Standard of Living
Standard of living is the quantity and quality of material and non-materials goods and services available to a given population.
Define equity
The quality of being fair or impartial
List 2 things that impact low living standards.
Any two of:
1. Mortality Rate
2. Unemployment Rate
3. Health Care
4. Sustainability
How do you calculate inflation rate?
((GDP2-GDP1)/GDP1) x 100
Who is the current Prime Minister of Australia?
Anthony Albanese
Fiscal Policy
Fiscal policy is the use of revenue collection and government spending to influence the economy.
Which Fiscal policies do the Government use to improve living standards?
1. Minimum Wage
2. Government payment and funded service
3. Taxation
How do you measure material standard of living?
GDP, PPP, QLI, and HDI.
Name the 6 phases of the Business Cycle.
expansion
peak
recession
depression
trough
recovery
Name the governor of the Reserve bank of Australia.
Michelle Bullock