Economic Questions

Economic Growth Key Aspects?

• Focused on labour section; contributes to production of goods and services.

• Factors into productivity, efficiency, and innovation of the economy.

• GDP per capita is directly related to output per worker.

Distribution of Income Key Aspects?

• Income is more unevenly distributed in SK than AUS: 0 represents perfect equality and 1 represents perfect inequality.

• Larger portion of income is concentrated in hands of fewer individuals.

• Income disparity: The gap between lower-income earners vs higher-income earners.

Role of government

• Responsible for providing education systems, policies to improve healthcare services and social policies that aim to focus on areas of poverty, exclusion and inequality.

Quality of life

• Higher disposable income: Increased assess to goods, services and leisure activities.

• Due to factors e.g. education, environment, community and health.

• Quality of public services shapes overall satisfaction of citizens

Employment + Unemployment

• Recent pandemics: Economic shutdowns, measures such as lockdowns, travel restrictions and social distancing. Resulting in many job losses; decrease in employment and increase in unemployment.

Environmental sustainability

• EPI index - overall ranking on countries performance such as management of natural resources, renewable energy and green technology. Promoting the adoption of solar, wind and hydroelectric power.