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| show | - Government may run a SURPLUS budget
- Government will spend LESS to avoid stimulating the economy
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| Lows levels of economic activity | show 🗑
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| Interest Rates and the effects of changes | show 🗑
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| GDP (Gross Domestic Product) | show 🗑
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| Importance of Economic Growth/GDP | show 🗑
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| Limitations as a measure | show 🗑
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| Business Cycle (DEF) | show 🗑
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| show | - Boom (peak)
- Downswing/recession (contraction)
- Trough
- Upswing (expansion)
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| show | - Above avg rate of economic growth
- low unemployment
- consumer + business confidence
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| show | - Fall in economic growth
- Lower level of income
- less inflation
- unemployment issues
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| show | Occurs when there is an increase in the level of prices paid for goods and services over a certain period of time
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| Current Rates of inflation in Australia | show 🗑
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| show | - Consumer confidence
- Business confidence
(May expand and employ more)
- Low interest rates
(Encourages consumers to borrow more)
- Lower taxes/increased government spending
(Leads to increased demand and expenditure)
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| Impacts on the economy (inflation) | show 🗑
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| Employed | show 🗑
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| Unemployed | show 🗑
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| show | Total number of people employed, plus, the number of people seeking employment
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| Cash Rate in Australia | show 🗑
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| show | 3.7%
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| show | - Weak GDP
- Decreased spending
- Increased overseas competition
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| show | Freedom to choose occupation means that anyone can be in the process of switching jobs .
Can cause weeks of unemployment
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| show | Consumer may buy less -> causing investors to fear future losses
Businesses may reduce output and employ less as a result
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| show | - Machines used instead of labour
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| show | - Lack of employment opportunities
- Shortage of jobs in the economy
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| show | - Some jobs only available in certain parts of the year
- Such as working at festivals
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| show | Unemployment causes by: Age, gender, handicaps, personal characteristics, etc
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| show | measures what can be produced from a given amount of resources
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| Labour Productivity (def) | show 🗑
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| Ways to increase labour productivity | show 🗑
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| Capital Productivity (def) | show 🗑
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| Ways to improve capital productivity | show 🗑
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| Material living standards | show 🗑
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| Non material living standards | show 🗑
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| show | relates to the RBA promoing an environment that supports full employment
- occurs when there are enough jobs for people who are available/want to work
- Even at full employment, some people still face unemployment from frictional or hard-core reasons
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| show | too low = consumers become suspicious of quality
too high = product an be viewed as not worth the price
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| FTICAFD - availability of credit | show 🗑
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| show | different needs and wants for different ages
- marketers may specifically target men or women for products
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| show | involves opening up markets for free trade so countries can trade without restrictions
- promotes efficiency
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| show | Removal of government regulations in a certain area of the economy
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| show | Reducing of eliminating government power in an industry to promote better competition in that industry
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