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Ligma > Structural Change > Flashcards

Structural Change Flashcards

Sugma

1
Q

Structural change definition

A

Process of change in the pattern of production and consumption in an economy over time

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2
Q

Results of structural change

A

Results in products, processes of production, and even industries disappearing while others emerge

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3
Q

What does structural change actually mean

A

Means different growth rates are experienced within different industries over time and employment in these industries also change over time

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4
Q

When has structural changed actually occurred

A

The change needs to be sustained not just as a result of changes in the business cycle

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5
Q

How does structural change occur

A

Result of the economy shifting resources to where they are most valued

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6
Q

Where can structural change occur

A

Across industries, within industries, at the level of the firm, or across the states

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7
Q

Speed of structural change

A

Occurs with varying speed and intensity and is a result of the forces driving it

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8
Q

eg of slow vs fast structural change

A

Slow: Ageing population, rising education attainment
Fast: Innovation, policy decisions

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9
Q

Structural change in Australia

A

Following similar trends in the rest of the world

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10
Q

4 measurements of structural change

A

Output- share and growth
Changing investment
Employment- Share and growth
Exports

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11
Q

Output and 3 things it’s concerned with

A

Changing share/growth between output of sectors of the economy
Changing share/growth between firms in an industry
Changing share/growth between output of states

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12
Q

Changing investment levels

A

Between sectors

Between firms in an industry

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13
Q

Employment- Share and growth

A

Between sectors
Between firms
Between states

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14
Q

Exports

A

Analysis of the changing structure of the composition of our exports

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15
Q

Composite structural change indices

A

An indice that measures structural change as a single unit that combines the 4 measurements

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16
Q

2 causes of structural change

A

Market and government included causes

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17
Q

Define market included

A

Caused by changing consumption and production patterns

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18
Q

What is in market included (6)

A 
Change in consumption patterns 
Tech developments 
Resourse depletion 
Globalisation 
Growth in asia 
Demographic
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19
Q

Change in consumption patterns (3)

A

Increase in service consumption (edu,travel.health)
Rising real income (40% goods and 60% services)
Health conscious society

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20
Q

Tech Developments

A

Internet-, cheaper products, e-commerce: services can be traded

21
Q

Resource depletion and discovery

A

Rising concerns for the environment

22
Q

Globalisation(3)

A

Increase in trade intensity
Foreign investment in mining
Supply chains

23
Q

Growth in Asian markets (3)

A

Outsourcing of labour means reduction in Aus manufacturing
Rising incomes in China- increased demand for services
Low skilled jobs move offshore-call centres

24
Q

Demograhic factors (3)

A

Increased labour force participation rate- need for household services
Aging pop- rise in health care
Changing structure of family- rise in HH services

25
Q

Gov Induced: Supply side policies (4)

A

Tarrif reductions
Tax reforms
Privatisation of telstra and quantas
Competition policy

26
Q

4 positive effects of structural change

A

Efficiency
Policy implications
Skillsets
Shocks

27
Q

Efficiency

A

Increase in in allocative,productive,dynamic and intemporal

28
Q

Intemporal efficiency

A

Enabling businesses to grow at this current point without comprimising the ability of firms in the future to meet their needs and wants

29
Q

Policy implications

A

To address structural transitions as the government may need to readjust their policy focus- such as supply side policy to improve efficiency

30
Q

Skillsets

A

Helps skill workers and creates a greater desire for a workerforce with problem solving and critical thinking

31
Q

Shocks

A

Increased ability to handle shocks as their is a broader more balanced economy

32
Q

4 Negative effects of change

A

Structural unemployment
Income distribution
Policy complexity
Government lag

33
Q

Structural U/E defo

A

resulting from the mismatch of supply to demand fro albour

34
Q

S U/E caused by

A

Outsourcing, mergers and acquisituions

35
Q

Effects of S U/E

A

Increase in welfare payments
Less tax revenue
More education and training

36
Q

Income distribution

A

A degree of income distribution imbalance between some industries and regions

37
Q

Policy complexity

A

laws, regulations become increasingly complex

38
Q

Gov lag

A

As new industries/products/services emerge laws and governance may lag

39
Q

EG and structural change

A

requires both new activities and ongoing structural change

40
Q

What does SC allow for in terms of EG

A

Economies can move from Subsistence to emerging to developing to developed

41
Q

Relationship between EG and SC

A

EG requires sc and when growth occurs it stimulates SC

42
Q

Example of Output measurement

A

Rise in financial and insurance services

43
Q

Example of changing I levels measurement

A

Large decline in mining investments

44
Q

EG of employment levels measurement

A

Over 500 000 jobs created in household services

45
Q

3 structural changes from 2007-2019

A

Rapid increase in consumption of services
WA State share of output decreased
Mining industry share of output increased

46
Q

2 structural change in mining

A

Long term increase in commodity prices has increased the value of output
Industrilisation and urbanisation in china has increased exports

47
Q

2 structural change in agriculture

A

Growth in urbanisation has meant individuals have moved away from agricultural sectors
Change in consumer demands for more processed foods

48
Q

2 structural change in services

A

Growing export market in education services

Healthcare undergoing large increases due to aging population and more health conscious customers

Ligma (19 decks)

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