Society Flashcards
1
Q
Frictional unemployment
A
Temporary unemployment when moving between jobs
2
Q
Seasonal unemployment
A
Caused by jobs that are only available in certain seasons
3
Q
Structural unemployment
A
Caused by a lack of skill or experience
4
Q
Technology unemployment
A
Capital replaces labour, subsequently raising the unemployment rate. Common in capitalism
5
Q
Poorest country in the world
A
Central African Republic
6
Q
Absolute poverty
A
A situation where a person lacks the necessities to sustain life to a point where it is life threatening
7
Q
6 types of unemployment
A
Cyclical, Frictional, Hard-core, Seasonal, Structural, Technological
8
Q
Workforce
A
Anyone who is willing and able to work
9
Q
Unemployment
A
When someone is willing and able to work but doesn’t have a job
10
Q
What percentage of Burundians live beneath the poverty line?
A
70%
11
Q
What kind of Economy does Burundi have?
A
Subsistence
12
Q
How long has there been a drought in Burundi?
A
3 years
13
Q
Why are Burundian households facing food insecurity?
A
Declining soil fertility, climate, increasing food prices
14
Q
What did the life expectancy change to between 1993 and 2000?
A
Declined from 51 to 44
15
Q
What does GDP stand for?
A
Gross Domestic Product
16
Q
Black market
A
‘Underground’ market in which goods and services are traded illegally
17
Q
Economic growth
A
Increased production of goods and services over a period of time
18
Q
Examples of needs
A
Warmth, shelter, food, water,
19
Q
What recent event caused high unemployment worldwide?
A
2008 global financial crisis
20
Q
What caused the 2008 GFC?
A
Wall Street crashed
21
Q
Income inequality
A
The uneven distribution of income in an economy
22
Q
What industry are thriving countries mainly involved in?
A
Tertiary (selling)
23
Q
Productivity
A
Link between input and output in the production of goods and services
24
Q
Factors affecting productivity
A
Specialisation, technological, organising resources, incentive, competition, education, effective management, adding capital,
25
Labour productivity
Relationship between output produced and hours worked
26
Capital productivity
Relationship between output produced and amount of capital
27
Benefits of increased productivity
More profitable, cheaper price, less strain on resources, promote economic growth, increase living standards
28
Benefits of technological advances
Increased communication with overseas firms, globalisation, proficiency, efficiency, mobility, access to information, reduce waste, costs,
29
How does land quantity increase?
(Fixed), discovery, imports
30
How does land quality increase?
Improve soil fertility
31
How does labour quantity increase?
Immigration, natural population growth
32
How does labour quality increase?
Education, on-job training, technology
33
How does capital quantity increase?
Increase land and labour, investing and spending on equipment
34
How does capital quality increase?
Research, development, invention, innovation, increased technology
35
How does enterprise quantity increase?
Business expansion
36
How does enterprise quality increase?
Training and education
37
What are some incentives that can increase productivity?
Bonuses, promotions, holidays
38
What is Australia's unemployment rate?
6.2%
39
What is Australia's youth unemployment rate?
13.6%
40
What happened to The Australian economy in the mid-2000s?
Mining boom
41
Why is structural unemployment a problem?
Schools tell students they need a plethora of degrees to succeed in life, no actual experience
42
What are some social effects of unemployment?
Stress, social exclusion, outcast of society, increased depression, low self-esteem
43
What can help lower unemployment?
High schools having programs for work experience
44
Monopoly
One company owns everything e.g. Buy n Large (Wall-E)
45
Gross
Total
46
Domestic
Within a country
47
Product
Production of goods and services
48
Equation for economic growth
(Year2-year1/year1) x 100
49
How to find GDP per capita
GDP/population
50
Per capita
Average per person
51
Benefits of economic growth
Increased employment, standard of living, wealth, output, labour, income, spending, social welfare, snowballing growth, cumulative, declined cyclical unemployment
52
Costs of economic growth
Inflation, environmental degradation, structural unemployment, monopolies
53
What do low income per capita countries have in Common?
Corrupt government, mostly primary, hot climate
54
What do high GDP per capita countries have in common?
Mostly tertiary industry, lack religiosity, not landlocked, 16°C, merit over clan,
55
What is Australia's participation rate?
65%
56
What is the youth unemployment in USA?
11%
57
What is the U.K.'s youth unemployment rate?
14.5%
58
What is Germany's youth unemployment rate?
7%
59
What are the common causes of youth unemployment?
Structural, hard-core, cyclical, technological
60
What is the difference between season affecting demand and supply?
Demand - the product is highly coveted in the season
| Supply - the product is only available in a particular season
61
Sustainable economic growth
A maintainable rate of economic growth
62
How does the teenage stigma affect employment?
Employers feel teens are hooligans and do not hire them
63
How many people live on less than $2.50 a day?
Approximately 3 billion
64
What happens in corrupt countries?
They can't collect enough taxes for the institution to escape the poverty trap
65
What is the clan-based system?
Choosing candidates for a job based on personal relationships rather than merit or skill, e.g. Friends and family
66
How does religiosity affect poverty?
Believing here and now can't be improved, focusing on spirituality and the next world
67
How do richer countries see religiosity?
Try to alter destiny with hard work and talent
68
Where are most of the poorest countries located?
Tropical climate, tougher to live
69
How does tropical climate affect poverty?
More prone to disease, tsetse flies plague livestock
70
What is the link between geography and transport?
Poor countries are badly connected, landlocked
71
Why are countries rich in natural resources still poor?
Bad institutions
72
How much more do the 20% richest in Australia than the bottom 20%?
5 times
73
What is the difference in wealth equality between the 20% richest and poorest 20% in Australia?
70 times
74
What affects the poorest in terms of job opportunities?
They can't develop their skills
75
What's happening to the gap between rich and poor?
Widening
76
How much of the world's wealth does the richest 20% own?
94%
77
How much wealth does the richest 2% have?
More than half of the rest of the world
78
What is the world's total wealth?
$223 trillion
79
How much of the world's wealth does the poorest 20% own?
0.5%
80
How much of the world's wealth does the poorest 40% own?
1%
81
How much of the world's wealth has the top 1% accumulated?
43%
82
How much does the amount of wealth of the 300 richest equate to?
The poorest 3 billion
83
How much richer were the wealthiest countries 200 years ago?
3 times
84
How much richer were the wealthiest countries than the poorest after colonialism?
35 times
85
How much richer are the wealthiest countries today?
80 times
86
How much do rich countries take from poor countries each year?
$2 trillion
87
Why do the poor get poorer despite rich countries giving them aid?
Tax avoidance, trade mispricing, paid-off loans, trade rules
88
What are trade rules for?
Acces to cheaper labour and more resources
89
What are the 10 poorest countries?
Central African Republic, Republic of Congo, Malawi, Burundi, Liberia, Niger, Mozambique, Eritrea, Guinea, Togo
90
Poverty line
Minimum standard of living
91
What causes global absolute poverty?
Geographical factor, government instability, corruption, debt, overpopulation, clan mentality, poor trade routes, institution, disease, pests, culture, transportation systems,
92
What is the effect of global absolute poverty?
Income inequality, death, lack access to health/clean water, unable to increase wealth, lack opportunity to progress,
93
Relative poverty
a situation where people live below the poverty line, the lowest income earners in the economy
94
what are ways of measuring poverty?
GDP/per capita, wealth, access to education/health, birth rate, life expectancy, cause of death, infant mortality rate, poverty line, perty/business ownership,
95
Wealth inequality
Uneven distribution of assets
96
Poverty
Having little money or goods
97
Money
A media of exchange for goods and services
98
What were the Millennium Summit group aiming to do?
Gender equality, combat malaria/AIDS etc., reduce infant mortality, improve maternal health, primary education, protect the environment
99
Which Millennium goal is likely to be the only to succeed by 2015?
Halve poverty
100
Due to poverty reduction efforts in China and India, how many people will be in the 'living on a dollar a day' category?
From 28 to 12%, half billion out
101
What are some of the world's richest countries?
Qatar, Switzerland, Luxembourg, USA, Australia, France
102
What are some causes of poverty in Australia?
Lack of education, age, rural, minorities, unemployed
103
How is productivity measured?
Output per unit of time (hours)
104
Productivity
The relationship between input of work and output produced
105
What is the sustainable economic growth rate?
3-4%
106
What happens if economic growth is too fast?
Price inflation
107
What is the current economic growth trend?
2-2.5%
108
Causes of unemployment in Australia?
Frictional, structural, cyclical
109
Aggregate
Total
110
What are the planes of the economic growth PPC?
Price, output
