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Global Economy
Global Trade
Australia in the global economy
Economic Growth
100
An organisation that implements and advances global trade agreements
What is the World Trade Organisation
100
alternative use of resources
What is opportunity cost?
100
All transactions between Australia and the rest of the world over a given time period
What is the Balance of Payments (BOP)?
100
total demand of goods and services within the economy
What is aggregate demand?
200
Those investors who buy or sell financial assets with the aim of making profits from short term price movements
What are speculators?
200
Nations should specialise in areas of production where they have the lowest opportunity cost.
What is comparative advantage?
200
Index showing changes in the prices of Australian exports relative to changes in the price of imports
What is the terms of trade?
200
Y = C+S+T
What is aggregate supply?
300
Movement of funds between economies. E.g setting up a new company or buying substantial shares in an existing company
What is foreign direct investment?
300
Forum in which government leaders regularly meet
What is G20?
300
The value of the currency is determined by the central bank
What is a fixed exchange rate system?
300
living standards, employment, inflation, external stability, income distribution and environmental impacts
What are the effects of economic growth?
400
The sum of the total output of goods and services produced by all economies in the world in a given period of time.
What is gross world product?
400
Tariffs, subsidies, local content rules, quotas and export incentives
What are the main methods of protection?
400
The RBA may buy or sell $A to influence its value
What is dirtying the float?
400
all the emplyed and unemployed persons in a country at a given time
What is the labour force?
500
Technology, transport and communication
What are the drivers of increased economic integration?
500
Higher unemployment, lower standard of living, distortion in resource allocation towards less efficient sectors of the economy
What are arguments against protection?
500
Level of inflation, international competitiveness, level of exports/imports, CAD, foreign debt servicing costs and the rate of economic growth.
What are the impacts of movements in the exchange rate?
500
number of persons unemployed 100 _________________________ X ______ total labour force 1
What is the unemployment rate?