Flash cards with information on inflation, unemployment and underemployment, as well as general questions about the economy.
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Created by Annalise Watson
over 6 years ago
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Close
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Created by Annalise Watson
over 6 years ago
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Market socialist economy
Planned Capitalist
Market Capitalist
Planned Socialist
What does GDP stand for?
What is GDP?
Why do economists measure GDP and economic growth?
What is the yearly Australian target for economic growth?
Identify two limitations to using GDP as a measure of progress in Australia.
Define Inflation
What is the yearly inflation target in Australia?
What are the two ways inflation is measured?
Describe how CPI is used as a measure of inflation
Describe how DFD is used as a measure of inflation
What are three causes of Inflation?
Explain why businesses trying to make more profit might lead to higher inflation rates
Explain why increasing wages might lead to higher inflation rates
Explain why a devaluation in currency might lead to higher inflation rates
Define the term: Unemployment rate
What is the Unemployment rate target in Australia?
Why is the target Unemployment rate not 0%?
What are the four types of unemployment?
Define and give an example of Seasonal unemployment
Define and give an example of Frictional unemployment
Define and give an example of Structural unemployment
