Key Indicators of Economic Growth
This indicator shows how the price level of a basket of goods and services changes, and is a key measure of rising costs in an economy.
What is the inflation rate?
When there is a long-term expansion in the productive potential of the economy to satisfy the wants of individuals in the society. What occurs?
What is economic growth?
These three countries make up the three strongest economies in the world.
What is USA, China and Japan?
What is minerals, ores and natural gas?
This measure represents the total value of all goods and services produced in a country over a year.
What is Gross Domestic Product (GDP)?
This is an import/export that focuses on the quantity and quality of skills, creative abilities, training and education. These can include; tourism and education.
What is human resources?
Australia had entered in 28th year of consecutive annual economic growth, setting a new record among economics for uninterrupted expansion from 1992 to 2019. What interrupted this streak?
What is COVID-19?
Australia frequently ranks highly on global comparisons of living standards because its income per person is measured using this indicator.
What is GDP per capita?
This term describes the worldwide network of trade, financial flows, and economic relationships that link countries together through buying, selling, and investing.
What is the global economy?
This basic economic problem exists because we have unlimited wants but limited resources.
What is scarcity?
These are all factors that impact economic performance. List all six of them; to get the points.
What is Changes in Domestic product, Unemployment rate, CPI, Inflation Rate, Incomes and Wages, Interest Rates.
In Australia, this type of economic system combines government involvement with free-market decision making.
What is a mixed market economy?
Australia often performs better than many economies during global downturns because demand from this major trading partner helps support its export sector.
What is China?
This is the term applied to any government policy or regulation that trade of goods and services. These barriers can take many forms, including tariffs, subsides, and various import duties, licences and quotas
What is a trade barrier?
This is the term for the next best alternative you give up when making a choice.
What is opportunity cost?
Factors that affect Australia's economic performance: This Involves the bringing together of the land, buildings, machinery, energy, transportation and communication infrastructure required to produce goods and services.
Governments adjust their spending levels and tax rates to influence a nation’s economy, increasing spending and cutting taxes can stimulate economic growth. What is this called?
What is expansionary fiscal policy?
These three contributions help Australia's initial record of steady growth that highlighted the original robustness of Australia’s economy and its reliability as low-risk and safe environment to do business.
What is Australia’s strong regulatory institutions, ability to respond to global changes, and diversified, service-based economy underpin its steady growth.
This was established a response to the European Union’s introduction of aggressive trade barriers.
What is the Asia-Pacific Economic Cooperation (APEC)?
This term describes a period of at least six months in which a country’s economic activity declines. Two consecutive quarters of negative GDP growth also indicates this.
What is a recession?
A person’s standard of living is determined by this. Also reference; at least one measurable factor can also help measure standard of living.
What is wealth?
What is: availability of employment, the affordability of housing, the inflation rate, the hours of work required to purchase necessities and life expectancy.
The RBA has an inflation target and seeks to keep consumer price inflation in the economy. What is the percentage maintained by the RBA on average over medium term?
What is 2-3 percent?
These four factors help contribute to sustaining Australia's robust economy.
What is solid policy frameworks, strong institutions, an attractive investment environment and deep trade ties with the Asian region.
This agreement sought to prevent further depressions and wars. It included institutions and rules intended to prevent national trade barrier being erected, as the lack of the free trade was considered by many to have been a principal cause of the WWII.
What is World Trade Organisation?
This indicator measures the average change in the price of a “basket” of goods and services bought by households.
What is the Consumer Price Index (CPI)?