MISC ECONS
Define recession and depression
A recession is defined as two or more consecutive quarters of negative economic growth.
A depression is defined as two or more years of negative economic growth.
Define GDP
Gross Domestic Product
It measures the monetary value of final goods and services
Define the following:
Unemployed:
Employed:
Not in the labour force:
Unemployed: someone looking for a job but can not find work
Employed: someone who is getting paid work and works more than 1 hour per week
Not in the labour force: not working and not looking for work
What is inflation?
the general increase in price of goods and services
What team is currently topping the AFL ladder?
Geelong
name the 4 stages of the business cycle
expansion, peak, contraction, trough
What is GDP per capita?
A country's GDP divided by its total population.
who is not included in the labour force?
People who are not employed and are not looking for work, this includes people who are retired and studying
What is CPI and name 2 categories that are included in the CPI basket
CPI looks at the prices of consumer goods and services purchased by households and how they increase over time.
SZA
What is the HDI index?
The human development index measures a country's development and includes: life expectancy, education, and income per capita.
Looking at source 1, describe the relationship between India and Australia's GDP and HDI
India has a stronger economy than Australia. However, Australia has a higher HDI than India.
How is unemployment calculated
unemployed/labour force x 100
When is inflation good for the economy?
When does it turn dangerous?
Inflation is good when it sits at around 2-3% increase. This means that there is a demand for goods and services and it means that people have money to purchase items.
It is not good when it becomes unregulated and is growing too fast because peoples wages can not compete with the rising cost of items (hyperinflation)
Finish the lyrics to thank u, next:
One taught me love
One taught me patience
And one taught me pain
Now:________________
I'm so amazing
Using source 3, identify the difference in unemployment rates between Kalgoorlie and Australia
What are some limitations of GDP ?
Quality of life (health, education)
Impact on climate
The distribution of wealth
What could be some causes of unemployment?
a lack of jobs that accomodate peoples skillsets, slow economic growth, new technologies
name 1 supply factor and 1 demand factor of inflation
Supply factors: war, famine (unforeseen circumstances). production costs
Demand factors: increase wages, low taxes/interest rates, etc...
North, Chicago, Psalm, Saint
define material and non-material living standards
Material living standards: measures peoples access to goods and services. How financially accessible they are.
Non-material living standards: factors that affect a person's quality of life no matter their income. Includes things such as: crime rates, public health facilities, pollution levels, stress levels, etc...
GDP calculates the income earned from the production of final goods and services. What does final mean?
That the goods and services have been sold to the consumer and will not be resold. This means items sold at supermarkets are included in this, but the items that are sold from the producer to the supermarket are not included.
when there is High GDP what happens to unemployment levels?
Unemployment levels fall/decrease because high GDP means there is high production of goods and services that require businesses to thrive.
Using source 2, What is the inflation prediction for 2025?
What phase of the business Cycle are we in?
Inflation will continue to slow in 2025.
We are in a contraction.
What language has the most native speakers?
Mandarin