missing from exam Flashcards
exchange rate
def
The value of value of a nation’s currency when compared to another currency, or a basket of currencies of one’s major trading partners.
Unemployment rate trend past 2 years
- downwards trend
- 4.7% July 2021
- 3.5% July 2023
Inflation rate trend past 2 years
- upwards trend
- July 2021 3%
- July 2023 6%
Economic growth trend past 2 years
- downards trend
- 4.1% July 2021
- 2.3% July 2023
GDP Annual Growth Rate
Labour productivity trend past 2 years
- downwards trend
- 0.1% July 2021
- -0.1% July 2023
Underemployment trend past 2 years
- downwards trend
- July 2021 9%
- July 2023 7%
UNDER
a government policy labour market
data as well
From the budget: Keep wages moving
* Funding a 15% pay rise on award wages for aged care workers
* This inventives people to work for age care
* Supporting a pay rise for Australia’s low-paid workers
* More secure and well-paid jobs
AGE CARE
a government policy trade
Reducons in the company tax rate
- Australian company tax rate is high thus at a disadvantage.
- High tax has forced firms to close or relocate (e.g., car business in Australia – Holden)
- Less internaonally compeve
- limited our exports and GDP, caused workers to lose jobs
Increase in employment domino
Increase in employment
= increase in incomes
= increase in C and I
= increase AD
(inflation long term)
labour market def
The Labor market refers to the dynamic interaction between employers, who are seeking to hire individuals and individuals who are seeking employment opportunites.
Nominal GDP
def
Nominal inflation refers to the GDP i.e., total volume of goods and services in an economy without adjusting for changes in purchasing power i.e., inflation.
