Australia's National minimum wage per hour from July 1 2023 rose to what amount?
What is '$23.23' per hour
The term used to described when society, a group or individual experience total lack of provision of basic needs such as food, shelter and clothing
What is absolute poverty
This graph/curve measures how unequal a society is
What is the 'Lorenze Curve'
TRUE or FALSE
Countries with very high levels of income and GDP mean there is little inequality and poverty in their economy
False - there is very little correlation between gross national income levels and GDP with inequality
The type of taxation on people's incomes that increases the more people earn
What is ' progressive taxation'?
What is '$26.6 K' - will accept $26 - 30$ K
When a group or individual in society experience a lower standard of living compared to other members of their society
What is relative poverty ?
This number between 0 -1 although often expressed as a 2 digit number gives an indication of how just how unequal a society is
What is the 'gini co-efficient'?
Approximately how many children live in poverty in Australia
Approx - 760 000
This solution sees the government of Australia intervene in the labour market to set the price of labour for certain jobs
What is National Minimum Wage?
Fill in the blank
The average earnings of the top 20% in Australia are x? times the average earnings of the bottom 20%
What is '12 times'
The degree to which income is unevenly distributed between people in the economy is known as
Income inequality
Gross Domestic Product has limitations in what it reveals about an economy - describe two
Possible answers :-
- does not indicate how the income from production is distributed
-does not take into account all types of production eg. housework
- includes production statistics that limit standard of living eg. cutting down a pristine rainforest increases GDP but affects sustainable standard of living
- other acceptable according to teacher
Provide a valid reason to explain why is it good to have some inquality in an economy
- teacher decision of acceptable answer
eg. provides incentives to want to do better; to innovate; we need rich people to start up businesses; we can't all be rich
This experimental solution to inequality involves all citizens in an economy being given living wage that is the same as everybody that they can keep getting even if they get a job
What is Universal Basic Income?
Bonus 100 points if you can name a country where this has been trialled
In Australia the top 20% household income earners earn approx what % of all income in Australia
What is '48%' ( accept 45%-50%)
The top 20% of Australian households earn 48% of all income
The name of the indicator that measures the total production of goods and services in an economy and is often used to measure how well off/ developed an economy is ....
What is Gross Domestic Product?
This number usually expressed in $ terms indicates whether people are over or under it in terms of inequality
What is the 'Poverty Line'
An event in history where there was extreme inequality which led to a violent consequences
Possible answers :-
French Revolution - peasants revolted and guillotined rich people including royalty
Russian Revolution- similar to above
other acceptable according to teacher
These groups are often funded privately as well as sometimes some public funding to help alleviate the consequences of inequality...
What are Charities ?
Bonus 100 points if your group can name one and state what it does to help lessen inequality
Australia's gender pay gap as a % is ?
What is '22.8%" ( will accept 22% - 25%)
An alternative measure of an economy that uses eg. the degree of job satisfaction and political and personal freedoms afforded to citizens among other indicators to indicate how well off a country is
What is the 'Happiness Index"?
Approximately how many Australian's experience homelessness/ rough sleeping Australia?
Approximately 122 000 ppl
Accept 120 000 - 150 000 ppl
How does levels of education attainment affect income inequality long term ?
There is a positive correlation between education levels and income levels for most jobs;
Long term - students from lower income families find it harder to increase education levels due to the cost of attaining higher education and this then affects abilities to get higher paying jobs
How would providing more public housing help to lessen inequality in Australia ? Answer must be detailed and relate to public and private housing outcomes.
More public housing would make more housing more affordable - not only because the government can rent it out cheaper to ppl on low incomes but also because more supply of something leads to a reduction in price ( rent) on other non public housing.