Economics

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17 Terms

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GDP

Stands for Gross Domestic Product, measures the total value of all the goods and services produced by a country over a specific time period (usually per annum). Measures the output of a country.

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GDP per capita

Offers an average economic output per person, providing a perspective on individual income or prosperity.

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Why is GDP important?

An increase of GDP indicates that a country’s economy is growing and helps gauge economic health.

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What does economic growth lead to?

Increased consumer spending on goods/services, which improves living standards.

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Recession

Economic growth (GDP) falls for two quarters (six months)

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Depression

A severe recession lasting over two years, leading to high unemployment rates and low consumer confidence.

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Inflation

An increase in the general level of prices for goods and services over a certain period.

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Target inflation rate by RBA and Treasury

2-3%; anything lower is considered good enough.

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Winners of inflation

High income earners, borrowers at fixed interest rates, and importers of goods.

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Losers of inflation

Low to middle class earners, savers with low interest, and exporters.

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Consumer Price Index (CPI)

Measures inflation by tracking price changes of a typical basket of goods purchased by average Australians.

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Unemployment Rate

Percentage of the total labor force that is unemployed, indicating economic performance.

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Causes of unemployment

Weak GDP, overseas competition, automation, and technology.

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Fourth Industrial Revolution

Characterized by advanced automation where robots and AI outperform humans in various tasks.

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What is predicted about jobs by 2030?

Approximately 800 million jobs are predicted to be lost to robots.

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Super Jobs

Jobs that uniquely require human traits (for example, creativity and communication) plus the ability to use cutting edge technology

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Economic growth

an increase in the about of goods/service produced and consumed per person within a specific period of time