Economics

GDP

Total market value of all goods and services produced with Australia within given time frame

Unemployment

Number of people looking for jobs

Inflation

General increase in prices of goods and services

Unemployment causes (1)

Weak production - GDP (1)

Unemployment causes (2)

Shrinking economy (2)

Unemployment causes (3)

Australian businesses moving production overseas (3)

Unemployment declination (1)

Economic growth - Job opportunities (1)

Unemployment declination (2)

Increased demand for products - more labour (2)

Unemployment declination (3)

Government policies - promote job opportunities (3)

Recession

Economic growth falls 6 months in a row

Depression

Economic growth stops for a period of 2 years or more

Material living

An individuals access to goods and services

Non-material living

Measure of overall quality of life, factors including happiness and life satisfaction

OECD

(Organisation economic cooperation development) - seeks to provide a holistic picture of true living standards

Demand - Pull

Significant amount of demand for goods and services

Cost - Push

Increase from an increase in production cost, which increases the price of a of a good or service.