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Economics year 9
| Question | Answer |
|---|---|
| Define GDP | Stands for Gross Domestic Product. It is the total market value of all goods and services produced within a country over a specified period of time. |
| Inflation | The increase of the general level of prices paid for goods and services. This makes the value of money go down. |
| Unemployment | Measured by the unemployment rate which is the percentage of people in the labour force who are not in a paid job but are actively looking for work. |
| Opportunity cost | Every time we make a choice, we give up something else. The opportunity cost is the value of the next best alternative that you give up when you make a choice. |
| What is the difference between monetary and fiscal policy? | Monetary policy is controlled by the Reserve bank of Australia (RBA) and focuses on managing money supply and changing interest rates, whilst fiscal policy is controlled by the governments and refers to spending and taxation. |
| Recession | Economic growth falls for two or more quarters in a row. (6 or more months.) |
| Depression | Extreme recession, lasting two or more years. |
| CPI | Consumer Price Index. Measures the price change of a typical basket of goods and services purchased by Australian households every quarter. |
| What are material living standards? | Access to physical goods and services. |
| What are nonmaterial living standards? | The non-physical, intangible factors that influence a person's overall quality of life and well-being |
| What are the four key participants in the economy? | Households, businesses, government, and financial institutions. |
| Describe the key participant in the economy - households. | Households own resources, provide labour, and spend money. |
| Describe the key participant in the economy - Businesses. | Businesses pay wages to households, sell goods and services, and produce things. |
| Describe the key participant in the economy - government | collects taxes, provides services, pays wages, and giving welfare payments. |
| Describe the key participant in the economy - financial institutions | manage and move money, help households save money and borrow money, and change interest. |
| What are the three economic questions? | What to produce? How to produce? For whom to produce? |
| What is cyclical unemployment? | Refers to when the economy goes through ups and downs. When the economy sows down, businesses also slow down and need fewer workers. |
| What is structural unemployment? | Occurs when peoples skills don't match jobs that are available. For example, new technology may replace the skills that people work in the industry do not have. |
| What is frictional unemployment? | When people are between jobs or are just entering the workforce like when someone leaves a job and is looking for another. |
| How did covid 19 impact GDP growth and unemployment? | Less goods and services were sold and produced. This means there was less employment opportunities and therefore a higher unemployment rate. The lockdowns also caused less spending on household goods which caused a decrease in GDP growth. |
| What is the target rate for inflation? | 2-3% |
| Why do living standards vary between countries? | Government involvement, Natural resources, Labour productivity, Unemployment |
| What are Australia's top export countries? | China, Japan, South Korea, India, United States |
| What are Australia's top import countries? | China, United states, Japan, Germany, Thailand |
| What are some things that Australia exports? | iron ore, coal, natural gas, gold, agricultural products, education, tourism, financial & business services. |
| What are some things that Australia Imports? | machinery, electronics, vehicles, clothing, fuel, transport, it services |
| What is global trade? | The exchange of good and services to other countries. |
| Material living standards examples. | Income, employment, housing. |
| Benefits of Global trade | Improved relationships between countries, increased consumer choice, selling surplus goods. |
| Costs of global trade | environmental damage, exploitation of workers, job loss for local businesses. |
| Non material living standards examples | Overall level of happiness, death rates, crime, absence of pollution, political freedom. |
| What is the economic problem? | That there are limited resources but unlimited wants. This is called relative scarcity |
| What are public goods and services? provide example | Certain goods and services that the government provides that businesses don't usually provide. Eg. hospitals and Medicare, schools, roads, etc |
| What is JobKeeper | A payment by the government to a business to keep their employees employed |
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