Year 10 Business & Economics - Wk 2

What does GDP stand for?

• Gross Domestic Produce

• Gross Domestic Product

• Gross Durable Product

• Gross Domestic Progress

What is economic growth?

• The value of all capital goods produced in an economy.

• The real growth in the household sector of an economy over time

• Leakages + Injections = Economic Growth

• The real growth in the volume (value) of goods and services produced in an economy over time

What do we use to measure economic growth?

• GDP

• HDI

• Inflation

• Unemployment

During COVID-19, we would expect economic growth in Australia to:

• Increase

• Decrease

• Remain the same

• Economic growth and COVID are unrelated

What is inflation:

• A rise in price level resulting in a fall in purchasing power.

• A fall in the price level resulting in a rise in purchasing power

• A rise in the price level resulting in a rise in purchasing power

• A fall in the price level resulting in a fall in purchasing power

What do we use to measure inflation?

• GDP

• HDI

• Unemployment Rate

• CPI

What is the target inflation rate in Australia?

• -1% to -2%

• 0% to 1%

• 1% to 2%

• 2% to 3%

Which of the following is not a factor income

• Wages

• Rent

• Land

• Interest

What happens when economic growth gets too high?

• High levels of inflation

• Low levels of inflation

• Unchanged levels of inflation

• Inflation is tied to economic growth (i.e. a 1% increase in economic growth means a 1% increase in inflation).

When analysing in economics we are looking for:

• Patterns and trends

• Economic criteria

• A justified conclusion

• Correct formatting and spelling + grammar