Contemporary Factors - Aggregate Supply Flashcards
1
Q
Quality and quantity of factors of production
A
Trend: Increased migration during 2024 particularly has increased quantity and quality (Skilled) of labour.
2
Q
Costs of production
A
Trend: rising
Reasons: labour shortages creating upward pressure on wages, shortages of building materials increasing cost of timber etc, high price of petrol, supply chain disruptions
3
Q
Productivity growth
A
Trend: Low labour productivity remains a significant issue for the Australian economy.
4
Q
Technological change
A
Trend: An example of technological change is Artifical Intelligence
5
Q
Exchange Rates
A
Trend: Australian dollar has been depreciating
6
Q
Climatic conditions:
A
Floods have plagued the east coast of Australia
