Inflation
Unemployment
Population pyramids
Human Wellbeing
Business Cycle
100
What is inflation
The rising costs of goods and services over a period of time
100
What does unemployment mean?
When a person does not have a job but wants to work.
100
What is meant by the term reproductive age?
The ages in which a person is able to have children
100
Define the key concepts of wellbeing
Wealth, Health and Education
100
What are the 4 stages of the business cycle?
Trough, expansion, peak, contraction (recession)
200
What is the target rate of inflation?
2-3%
200
What kind of unemployment is the following:
A lifeguard no longer has a job in the winter.
Seasonal unemployment
200
What age bracket is considered per-reproductive?
0-14
200
What is life expectancy?
Statistical measure of the average number of years a person in an area or population can expect to live; expressed in years
200
The business cycle measures __________ over time?
GDP - Gross Domestic Product
300
What are the two types of inflation
Cost push - when the price of inputs increases causing the price of goods and services to rise
Demand pull - when there is an increase in demand, which raises prices, causing a short term shortage, where people want the product and are willing to pay more for it
300
What are the 4 types of unemployment
Seasonal, structural, frictional, cyclical
300
If a country has a large percentage of it's population under 30, is it expanding or contracting?
Exapnding
300
What are two types of data?
Qualitative and quantitative
300
At what stage of the business cycle would you expect unemployment to be its highest?
Trough
400
Who is effected most by inflation?
Low income earners as they have the least amount of money to be able cover the increasing costs
400
What kind of unemployment is the following:
Your position is no longer available as the entire industry has changed how they manufacture products, using machines and computers
Structural unemployment
400
In the pyramid, is it likely that people die younger or older in Ethiopia?
Younger, we can tell this as the pyramid shows very few people make it past the age of 70 in the country.
400
Explain how lack of access to quality education contributes to the poverty cycle.
Lack of access to quality education can hinder skill development and limit economic opportunities. Without education, individuals are more likely to be stuck in low-paying jobs with limited prospects for advancement. As a result, their children may also face barriers to education, continuing the cycle.
400
At what stage of the business cycle would you expect inflation to be increasing
Expansion
500
What is an impact of high inflation?
Cost of living pressure, people unable to afford necessary goods and services, decreasing of real wages (what people earn), lowering of purchasing power (not able to afford what they used to)
500
What kind of unemployment is the following:
A cafe worker has been let go from the job as there is no longer the demand in cafe that requires their work
Cyclical unemployment
500
Is the following pyramid an example of a developed, developing or underdeveloped country?
Developing as there are some people in the older brackets above 80 but still a large population under 30.
500
What is meant by the term infant mortality?
Death of children
500
If unemployment is low, inflation is high, GDP is high and interest rates are high, what stage of the business cycle would you expect to be in?
Peak