WORKFORCE PARTICIPATION
What two groups make up the labour force?
Employed & unemployed (actively seeking work)
What is productivity?
Output per unit of input
Name one payment given to unemployed Australians.
JobSeeker
What does GDP stand for?
Gross Domestic Product
Name one material factor affecting living standards.
Income / Housing
Name one group whose participation in the workforce is increasing.
Women / Older Australians
Give one reason why productivity is important for living standards.
Higher output → higher wages & growth
Name one way the government supports parents to stay in the workforce.
Childcare subsidies
What is inflation?
General increase in prices over time
What is the difference between material and non-material living standards?
Material = tangible goods; Non-material = quality of life
Give one reason why older Australians are staying in the workforce longer.
Superannuation changes / Flexible work
True or False: Productivity only measures the number of workers in the economy.
False
What is the main purpose of government intervention in the economy?
Improve performance & living standards
Which economic indicator measures changes in the cost of living?
CPI (Consumer Price Index)
Which group in Australia often has lower living standards than average?
First Nations Australians
What term describes the proportion of working-age people who are employed or seeking work?
Participation rate
How could investing in worker training increase productivity?
Increases skills → more output per hour
What is the role of skilled migration in workforce participation?
Fills shortages in key industries
Why might the RBA lower interest rates?
Stimulate spending & investment
How can high cost of living reduce living standards even if wages rise?
Prices rise faster than incomes
Give an example of a government incentive that has encouraged higher participation.
Expanded childcare subsidies
Give an example of a sector where productivity gains are often seen after adopting new technology.
Manufacturing / Mining / Healthcare
Explain how childcare reform can boost GDP.
More parents work → higher participation → more output
Give an example of how government might respond to high unemployment.
Job creation programs / tax cuts
Give two reasons why rural Australians might have lower living standards than city dwellers.
Less access to healthcare / Higher costs