Economic Growth
The most common way to measure Economic Growth
GDP
A person who lost their job during the 1991 recession
Cyclical Unemployment
What is the current inflation rate in Australia
2.2%
Distribution of Income
When a country buys more imports ( value) than compared to its exports ( value)
trade imbalance ( deficit)
GDP which takes the ffect of inflation into account
Real GDP
Sam is working part time but would prefer to work full time
Underemployment
A three letter index number that measures Inflation
CPI- Consumer Price Index
A fair final distribution of personal income so that all can access basic goods and services
Equitable distribution of income and wealth
The Balance of payments
non paid work
Not counted in GDP
Which is higher Unemployement or Underemployment
Underemployment
2- 3% - RBA
Using information and indicators to determine whether citizens in an economy feel comfortable, safe and satisfied with their standard of living
Happiness Index
Between June 2016- 2017 what was happening to Australia's net foreign debt
It was declining
Cutting down a pristine forest to make timber furniture
Australia's current Unemployment rate
6.2%
yes- makes our exports more expensive
Australia's approx current Gini Coefficient which measures inequality
0.41
What would happen to the amount of foreign debt that would have to be paid back overseas if the AUD depreciated
It would mean Australia would have to pay back more $$
Australia's current annual GDP
1.4%
Approx % of Australia's youth unemployment
approx 12.4%
The type of inflation that is below the target rate of 2-3%
Deflation
The overall well being of individuals according to their material living standards and a range of other considerations eg. education levels
Quality of life
Two current Australian exports that have had tariffs placed on them by China
Beef and Barley