Economic Issues
A greater than proportional change in gdp based on change in AD
What is the multiplier?
A wage subsidy paid during covid.
What is JobKeeper?
Synchronisation of business cycles and living standards.
What is economic convergence?
The purchasing power of one currency expressed in another.
What is an exchange rate?
The measurement of growth accounting for inflation.
What is real gdp?
A situation in which AD is below the level of AS.
What is an unemployment (deflationary) gap?
An international agreement aiming to reduce co2 by 5.2% of 1990 levels.
What is the Kyoto Protocol?
A nation which can produce a good for the lowest opportunity cost.
What is comparative advantage?
The theory suggesting increasing debt is okay if growth rises as well.
What is the pitchford thesis
The number of people actively seeking work and working relative to the working age population.
What is the participation rate?
The purchasing power of an individuals income.
What is real wages?
An action based on the belief that private firms operate more efficiently than public firms.
What is privatisation?
The need to protect an industry to allow time to establish economies of scale.
What is infant industry argument?
The record of non produced and non financial asset transactions.
What is the capital account?
The price of a good with no protection in place.
What is the world price?
A redistribution of income from the government to an individual.
What is a transfer payment?
Artificial adjustment to the price mechanism to reduce negative externalities.
What is a market based policy?
A group of nations, geographically proximate, who establish preferential trade status between one another.
What is a trade bloc?
The largest contributor to the improvement in the net income balance within the current account.
What is the equity position?
Co-ordinates monetary policy in response to global economic downturns.
What is the IMF?
The change in environmental degradation relative to change in growth levels.
What is the Kuznets curve?
A change in the pattern of production and allocation of resources.
What is structural change?
The relationship which causes ongoing low economic development due to an inability to increase per capita incomes.
What is the poverty cycle?
The process of central bank intervention which influences the value of the currency contrary to monetary policy.
What is unsterilised intervention?
Structural cause of Australia's net primary income deficit.
What is the savings investment gap?