Yr10 Economics

Employed:

people working at least one hour per week (including self-employed)

Unemployed

people actively seeking work but not currently working

Labour Force Survey:

a monthly survey that collects information about the employment status of Australians aged 15 and over.

Underemployment:

when a person works fewer hours than they would ideally like or takes a job that does not reflect their actual training and skills.

Natural rate of unemployment:

the rate at which there is only frictional and structural unemployment, and zero per cent cyclical unemployment.

Real wages:

income expressed in terms of purchasing power as opposed to actual money received

Real GDP

a measure of a country’s gross domestic product that has been adjusted for inflation

Consumer price index (CPI)

a measure of the average change over time in the prices paid by households for a fixed basket of goods and services

Inflation

Inflation is an increase in the level of prices of the goods and services that households buy.

It is measured as the rate of change of those prices.

Living standards and economic performance

a key concept in Economics and Business. Improving the living standards of people over time is an economic objective of government. The level of economic performance, which influences people's living standards, is measured by key indicators such as gross domestic product, the unemployment rate and the inflation rate. Pop this concept into your memory bank — at the end of this book is an activity that will test your understanding of this and other key HASS concepts!