10SBAE pre exam Economic indicators

Define unemployment

Evaluate responses using AI:

OFF

Answer explanation

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

Define economic growth

Evaluate responses using AI:

OFF

Answer explanation

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

Define GDP

Evaluate responses using AI:

OFF

Answer explanation

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

Define inflation

Evaluate responses using AI:

OFF

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

Evaluate responses using AI:

OFF

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