semester 1 exam yr10 Flashcards
(27 cards)
Three types of budgets
Balanced budget
Deficit budget
Surplus budget
balanced budget
revenue exqual to expenditure
Deficit budget
revenue less than expenditure
surplus budget
revenue greater than revenue
Microeconomic policy
Policy that affects a particular company, an industry, or market. Used to improve living standards.
types of microeconomic policies
trade liberalism
deregulation
labour market reform
Trade liberalism
involves opening up markets for free trade so countries can trade without restrictions. The restrictions are: tariffs, subsidies, import quotas.
deregulation
removal of government regulation in certain area of economy
Labour market reform
determines wages and working conditions through enterprise agreement
productivity policy
Measures how efficiently resources are used to produce a given level of output
Gov policies affecting production
Privatisation, policy committed to education and research, innovation policy, labour market reform, trade liberalisation and, deregulation.
Privatisation
privately run business
innovation policy
set of federal government policies targeting new business
Workforce
people who work or are available to work
workforce developments
focuses on improving workforce so more can be produced
CPI
Consumer Price Index
Used by Australians bureau of statistics to measure inflation
taxation
Rquired payment of funds to the government
Government spending
Spending on providing government services.
Aboriginal land rights act
1976
Official granted land title to aboriginals in Northern Territory. Made by Fraser.
GDP
Gross Domestic Product. Total value of goods and services produced in an economy over course of given time period.
Economic growth
change in GDP over a given time period
Types of unemployment
Cyclical Frictional seasonal structural Hardcore
redistribution
Focus on promoting a more equitable level of income across population.
Vincent Lingiari
Led the Gurindji people in walkoff
