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Eco Revision

Economics revision

QuestionAnswer
What has been the impact of international protection levels Australia? Reduced agricultural protection, reduced barriers of trade, increase in mining and resources sector. Decline in manufacturing industries, service industry decline due to natural barriers. e.g.: geography.
List some advantages of free trade? obtain goods and services that can't be produced by that country, specialisation, efficient allocation of resources, international competitiveness, economies of scale and increased living standards
List some disadvantages of free trade? unemployment, difficult for infant industries, dumping
What is the cash rate? the interest paid on overnight loans in the short-term money maker. It is the rates set by the RBA. Banks set interest loans.
What is a transfer payment? from the government to assist people with basic costs of living. Eg: aged care, disability pensions.
What are the 4 factors of production? Land, labour, capital and enterprise
What are the incomes paid to these? rent, wages, interest and profit
What is external stability? an aim of government that seeks to promote sustainability on the external accounts so that Australia can service its foreign liabilities in the medium - long term to avoid currency volatility.
What is the Pitchford Thesis? as long as the CAD is the result of saving and investment decisions by the private sector and not a distortion of normal market mechanisms then there is no cause for concern about economies external stability.
What are our net foreign liabilities equal to? net foreign debt + net foreign equity (world's financial obligations to Australia)
What are the main causes of unemployment? opportunities for education and training, skills matched to jobs, regulations, technologies, economic growth has been too low.
What is derived demand? labour derived from the demand for the good and services that labour helps produce
What are some recent economic trends? global economic conditions, terms of trade, sustainable economic growth, monetary policy.
What are some of the economic costs of inequality? reduces economic growth, reduces satisfaction in society, creates excessive consumption, poverty and social problems, increase cost of welfare,
What are some government policy
Created by: Karen Ennis
 

 



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