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Economics > Society > Flashcards

Society Flashcards

1
Q

Frictional unemployment

A

Temporary unemployment when moving between jobs

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2
Q

Seasonal unemployment

A

Caused by jobs that are only available in certain seasons

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3
Q

Structural unemployment

A

Caused by a lack of skill or experience

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4
Q

Technology unemployment

A

Capital replaces labour, subsequently raising the unemployment rate. Common in capitalism

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5
Q

Poorest country in the world

A

Central African Republic

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6
Q

Absolute poverty

A

A situation where a person lacks the necessities to sustain life to a point where it is life threatening

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7
Q

6 types of unemployment

A

Cyclical, Frictional, Hard-core, Seasonal, Structural, Technological

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8
Q

Workforce

A

Anyone who is willing and able to work

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9
Q

Unemployment

A

When someone is willing and able to work but doesn’t have a job

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10
Q

What percentage of Burundians live beneath the poverty line?

A

70%

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11
Q

What kind of Economy does Burundi have?

A

Subsistence

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12
Q

How long has there been a drought in Burundi?

A

3 years

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13
Q

Why are Burundian households facing food insecurity?

A

Declining soil fertility, climate, increasing food prices

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14
Q

What did the life expectancy change to between 1993 and 2000?

A

Declined from 51 to 44

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15
Q

What does GDP stand for?

A

Gross Domestic Product

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16
Q

Black market

A

‘Underground’ market in which goods and services are traded illegally

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17
Q

Economic growth

A

Increased production of goods and services over a period of time

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18
Q

Examples of needs

A

Warmth, shelter, food, water,

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19
Q

What recent event caused high unemployment worldwide?

A

2008 global financial crisis

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20
Q

What caused the 2008 GFC?

A

Wall Street crashed

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21
Q

Income inequality

A

The uneven distribution of income in an economy

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22
Q

What industry are thriving countries mainly involved in?

A

Tertiary (selling)

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23
Q

Productivity

A

Link between input and output in the production of goods and services

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24
Q

Factors affecting productivity

A

Specialisation, technological, organising resources, incentive, competition, education, effective management, adding capital,

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25
Q

Labour productivity

A

Relationship between output produced and hours worked

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26
Q

Capital productivity

A

Relationship between output produced and amount of capital

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27
Q

Benefits of increased productivity

A

More profitable, cheaper price, less strain on resources, promote economic growth, increase living standards

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28
Q

Benefits of technological advances

A

Increased communication with overseas firms, globalisation, proficiency, efficiency, mobility, access to information, reduce waste, costs,

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29
Q

How does land quantity increase?

A

(Fixed), discovery, imports

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30
Q

How does land quality increase?

A

Improve soil fertility

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31
Q

How does labour quantity increase?

A

Immigration, natural population growth

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32
Q

How does labour quality increase?

A

Education, on-job training, technology

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33
Q

How does capital quantity increase?

A

Increase land and labour, investing and spending on equipment

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34
Q

How does capital quality increase?

A

Research, development, invention, innovation, increased technology

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35
Q

How does enterprise quantity increase?

A

Business expansion

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36
Q

How does enterprise quality increase?

A

Training and education

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37
Q

What are some incentives that can increase productivity?

A

Bonuses, promotions, holidays

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38
Q

What is Australia’s unemployment rate?

A

6.2%

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39
Q

What is Australia’s youth unemployment rate?

A

13.6%

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40
Q

What happened to The Australian economy in the mid-2000s?

A

Mining boom

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41
Q

Why is structural unemployment a problem?

A

Schools tell students they need a plethora of degrees to succeed in life, no actual experience

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42
Q

What are some social effects of unemployment?

A

Stress, social exclusion, outcast of society, increased depression, low self-esteem

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43
Q

What can help lower unemployment?

A

High schools having programs for work experience

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44
Q

Monopoly

A

One company owns everything e.g. Buy n Large (Wall-E)

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45
Q

Gross

A

Total

46
Q

Domestic

A

Within a country

47
Q

Product

A

Production of goods and services

48
Q

Equation for economic growth

A

(Year2-year1/year1) x 100

49
Q

How to find GDP per capita

A

GDP/population

50
Q

Per capita

A

Average per person

51
Q

Benefits of economic growth

A

Increased employment, standard of living, wealth, output, labour, income, spending, social welfare, snowballing growth, cumulative, declined cyclical unemployment

52
Q

Costs of economic growth

A

Inflation, environmental degradation, structural unemployment, monopolies

53
Q

What do low income per capita countries have in Common?

A

Corrupt government, mostly primary, hot climate

54
Q

What do high GDP per capita countries have in common?

A

Mostly tertiary industry, lack religiosity, not landlocked, 16°C, merit over clan,

55
Q

What is Australia’s participation rate?

A

65%

56
Q

What is the youth unemployment in USA?

A

11%

57
Q

What is the U.K.’s youth unemployment rate?

A

14.5%

58
Q

What is Germany’s youth unemployment rate?

A

7%

59
Q

What are the common causes of youth unemployment?

A

Structural, hard-core, cyclical, technological

60
Q

What is the difference between season affecting demand and supply?

A

Demand - the product is highly coveted in the season

Supply - the product is only available in a particular season

61
Q

Sustainable economic growth

A

A maintainable rate of economic growth

62
Q

How does the teenage stigma affect employment?

A

Employers feel teens are hooligans and do not hire them

63
Q

How many people live on less than $2.50 a day?

A

Approximately 3 billion

64
Q

What happens in corrupt countries?

A

They can’t collect enough taxes for the institution to escape the poverty trap

65
Q

What is the clan-based system?

A

Choosing candidates for a job based on personal relationships rather than merit or skill, e.g. Friends and family

66
Q

How does religiosity affect poverty?

A

Believing here and now can’t be improved, focusing on spirituality and the next world

67
Q

How do richer countries see religiosity?

A

Try to alter destiny with hard work and talent

68
Q

Where are most of the poorest countries located?

A

Tropical climate, tougher to live

69
Q

How does tropical climate affect poverty?

A

More prone to disease, tsetse flies plague livestock

70
Q

What is the link between geography and transport?

A

Poor countries are badly connected, landlocked

71
Q

Why are countries rich in natural resources still poor?

A

Bad institutions

72
Q

How much more do the 20% richest in Australia than the bottom 20%?

A

5 times

73
Q

What is the difference in wealth equality between the 20% richest and poorest 20% in Australia?

A

70 times

74
Q

What affects the poorest in terms of job opportunities?

A

They can’t develop their skills

75
Q

What’s happening to the gap between rich and poor?

A

Widening

76
Q

How much of the world’s wealth does the richest 20% own?

A

94%

77
Q

How much wealth does the richest 2% have?

A

More than half of the rest of the world

78
Q

What is the world’s total wealth?

A

$223 trillion

79
Q

How much of the world’s wealth does the poorest 20% own?

A

0.5%

80
Q

How much of the world’s wealth does the poorest 40% own?

A

1%

81
Q

How much of the world’s wealth has the top 1% accumulated?

A

43%

82
Q

How much does the amount of wealth of the 300 richest equate to?

A

The poorest 3 billion

83
Q

How much richer were the wealthiest countries 200 years ago?

A

3 times

84
Q

How much richer were the wealthiest countries than the poorest after colonialism?

A

35 times

85
Q

How much richer are the wealthiest countries today?

A

80 times

86
Q

How much do rich countries take from poor countries each year?

A

$2 trillion

87
Q

Why do the poor get poorer despite rich countries giving them aid?

A

Tax avoidance, trade mispricing, paid-off loans, trade rules

88
Q

What are trade rules for?

A

Acces to cheaper labour and more resources

89
Q

What are the 10 poorest countries?

A

Central African Republic, Republic of Congo, Malawi, Burundi, Liberia, Niger, Mozambique, Eritrea, Guinea, Togo

90
Q

Poverty line

A

Minimum standard of living

91
Q

What causes global absolute poverty?

A

Geographical factor, government instability, corruption, debt, overpopulation, clan mentality, poor trade routes, institution, disease, pests, culture, transportation systems,

92
Q

What is the effect of global absolute poverty?

A

Income inequality, death, lack access to health/clean water, unable to increase wealth, lack opportunity to progress,

93
Q

Relative poverty

A

a situation where people live below the poverty line, the lowest income earners in the economy

94
Q

what are ways of measuring poverty?

A

GDP/per capita, wealth, access to education/health, birth rate, life expectancy, cause of death, infant mortality rate, poverty line, perty/business ownership,

95
Q

Wealth inequality

A

Uneven distribution of assets

96
Q

Poverty

A

Having little money or goods

97
Q

Money

A

A media of exchange for goods and services

98
Q

What were the Millennium Summit group aiming to do?

A

Gender equality, combat malaria/AIDS etc., reduce infant mortality, improve maternal health, primary education, protect the environment

99
Q

Which Millennium goal is likely to be the only to succeed by 2015?

A

Halve poverty

100
Q

Due to poverty reduction efforts in China and India, how many people will be in the ‘living on a dollar a day’ category?

A

From 28 to 12%, half billion out

101
Q

What are some of the world’s richest countries?

A

Qatar, Switzerland, Luxembourg, USA, Australia, France

102
Q

What are some causes of poverty in Australia?

A

Lack of education, age, rural, minorities, unemployed

103
Q

How is productivity measured?

A

Output per unit of time (hours)

104
Q

Productivity

A

The relationship between input of work and output produced

105
Q

What is the sustainable economic growth rate?

A

3-4%

106
Q

What happens if economic growth is too fast?

A

Price inflation

107
Q

What is the current economic growth trend?

A

2-2.5%

108
Q

Causes of unemployment in Australia?

A

Frictional, structural, cyclical

109
Q

Aggregate

A

Total

110
Q

What are the planes of the economic growth PPC?

A

Price, output

Economics (19 decks)

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