Economic Growth
Measure of the total value of all goods and services produced in Australia
GDP
the change in prices form one quarter tot he next
inflation rate
People who aged 15 years and over and who are willing and able to work.
labour force
Provide one example of material living standards
car, house, food
A graph which shows the distribution of income in a country.
Lorenz curve
Growth in the value of value of G and S produced in an economy over a period of time
Economic growth
Measures the price changes of a typical basket of G and S
Consumer Price Index
To be classified as employed a person must work....
One hour or more per week
Provide one example of a non-material living standard
freedom of speech, free elections, low levels of crime, clean environment
A Gini co-efficient of zero represents
Perfect equality of income
Name the four quarters when data is collected
March, June, September and December
The category in the 'basket' of G and S with the highest weighting
Housing
The unemployment rate is calculated by......
Dividing the unemployment rate by the labour force x 100
a factor that causes variations in living standards
level of natural resources, stability of government, labour productivity, employment levels
A Gini co-efficient of 1 represents
Perfect inequality of income
Acceptable percentage for sustainable economic growth
3-4%
The Reserves Bank's target rate of inflation
Between 2-3%
This type of unemployment occurs when the level of spending falls
Cyclical unemployment
Name a dimension of the Human Development Index
life expectancy at birth, years of schooling, gross national income per capita
Which country's Lorenz curve would lie closer to the line of perfect equality - Country A GC = 0.32 or Country B GC = 0.67
Country A
Define a recession
Where economic growth falls (negative) for two or more consecutive quarters
Define demand pull inflation
When demand for G and S is greater than the current supply produced causing prices to rise
The underutilisation rate includes
The unemployment rate plus the underemployment rate
The country with the highest HDI Index in 2023
Iceland
One way the government can redistribute wealth and income in the economy
Progressive taxation, wlefare payments