Econ Flashcards
What is GDP
The total market value of all goods and services in australia in a given time frame
GDP calculation
C+G+I+(X_M)
(consumption)
(Investment)
(government)
(Exports-Imports)
Buisness cycle
Peak, expansion,trough, contraction
inflation
rise on prices of goods and services over a period of time
CPI
Consumer Price index the difference in the price of a basket of goods compared to 3 months ago (quarterly)
what are the targets for econ growth, inflation, employement rate
laybor force
people aged 15 and above who are able to work
underemployment
people who are not fully employed and want to work more hours
living standards
level and quality of material and non material goods
wealth inequality
the difference between the lowest 60% and the highest 60%
income inequality
the gab between house hold incomes within a countrie
Budgetary Policy
refers to goverments plan for spending and revenue generation over specific period, usually a fiscal year
Monetary Policy
RBA(reserve bank of Australia) setting the cash rate (interest rate on loans for banks)
Fiscal Policy
broader use to goverments spending and tax policies to influence the economy
