Economics
The floating of this in 1983 transformed Australia's external sector.
What is the Australian dollar (exchange rate)?
This international organisation promotes free trade by removing trade barriers.
What is the World Trade Organisation?
The process by which a country moves from a closed to an open economy.
What is trade liberalisation?
This issue occurs when inflation and unemployment are both high.
What is stagflation?
This is Australia’s most volatile export commodity.
What is iron ore?
This refers to the proportion of people aged 15+ actively looking for work.
What is the participation rate?
This refers to the liabilities that must be serviced with income flows overseas.
What are net foreign liabilities?
What is the Consumer Price Index and what does it measure?
A measure of a "basket of goods" (common consumer products) used to monitor inflation.
Export prices relative to import prices
What is Terms of Trade?
This account in the Balance of Payments records exports and imports.
What is the current account?
This measure of inflation excludes volatile items like fuel and food.
What is underlying inflation (or trimmed mean)?
This trade-off describes the inverse relationship between unemployment and inflation in the short run.
What is the Phillips Curve?
This type of budget is used during a recession to stimulate demand.
What is a deficit budget?
An appreciated AUD may harm this part of Australia’s economy.
What is international competitiveness?
Australia has a persistent one of these due to the SIG
What is a current account deficit?
This country is Australia's largest two-way trading partner
What is China?
3.60%
What is the current cash rate target?
This economic theory explains why a depreciation can worsen the trade balance before it improves.
What is the J-Curve effect?
When prices rise because consumer demand exceeds supply, it is called this.
What is demand-pull inflation?
A price ceiling creates a...
Shortage of goods
The four factors of production
What are
1) Labor
2) capital
3) Land/natural resources
4) entrepreneurs
This term refers to the increasing integration of national economies.
What is globalisation
When a country/individual uses less resources to produce a good or a service compared to another country or individual
What is comparative advantage?
Cutting red tape and improving competition are examples of this policy.
What is microeconomic reform?
This occurs when people leave a job voluntarily or are between jobs.
What is frictional unemployment?