10SBAE pre exam Economic indicators

Define unemployment

Answer explanation

someone 15 years of age or older who is actively searching for employment and is unable to find work

Define economic growth

Answer explanation

an increase in the production of economic goods and services, compared from one period of time to another

Define GDP

Answer explanation

the market value of all finished goods and services produced within a country in a year

Define inflation

Answer explanation

a sustained increase in the general price level in an economy

Select the best definition of 'standard of living'

• General measure of material welfare of people.  Usually measure by GDP per capita.

• State of being happy, healthy, prosperous and safe.

What is Australia's GDP target

• 2-3

• 3-4

• 4-5

Define consumer price index

Answer explanation

measures the price changes of a typical basket of goods and services purchased by Australian households every quarter

What is Australia's inflation target?

• 2-3%

• 3-4%

• 4-5%

When shifts in the economy creates a MISMATCH between the skills workers HAVE and the skills NEEDED by employees, this is called

• Structural unemployment

• Frictional unemployment

• Cyclical unemployment

Wellbeing is...

• the ability of people to access the things they need in order to live happy, healthy and contented lives

• Being rich and satisfying needs and wants

• GDP per capita