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Economics alcoholics > U2 AOS1 Vocab/concepts > Flashcards

U2 AOS1 Vocab/concepts Flashcards

1
Q

Define

Affluenza

A

a mix of social circumstance and upbringing that results in a worldview where the accumulation of wealth is paramount and accountability is seen as irrelevant

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2
Q

Aggregate Demand (AD)

A

total expenditure on goods and services made made within a nation’s economy

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3
Q

Aggregate demand policies

A

government policies such as monetary and budgetary policy that stimulate or restrain AD to promote the achievement of the government’s macroeconomic goals

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4
Q

Aggregate supply

A

the total value of goods and services available for sale in an economy in a given time frame

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5
Q

Black market

A

economic activity that takes place outside of government sanctioned channels

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6
Q

Business confidence/sentiment

A

the general business community’s perception of their future levels of sales and profitability

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7
Q

Business/economic cycle

A

cyclical movement of economic activity over time, with periods of high rates of economic growth (boom) and periods of low or negative rates of growth (bust)

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8
Q

Capacity constraints

A

factors that prevent an economy from producing more goods and services which an economy runs up against when at productive capacity

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9
Q

Coincident indicators

A

move in sync with the overall state of an economy, providing a real time assessment of its current performance

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10
Q

Consumer confidence

A

a measure of the degree of positivity or negativity about current and future economic conditions, including future employment

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11
Q

Consumption expenditure

A

the total value of all expenditures on individual and collective consumption goods incurred by households and non-profit institutions

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12
Q

Contraction

A

when economic activity decreases over time, potentially leading to a recession or depression

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13
Q

Depression

A

a much more severe version of a recession in both scale and duration, high unemployment rates persist for years

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14
Q

Direct Tax

A

a tax paid directly by economic agents,
normally based on the income they earn e.g income taxes

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15
Q

Economic activity

A

real value of production, employment, income and expenditure in an economy

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16
Q

Economic development

A

improvements in the economic well-being of a nation

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17
Q

Examples of economic development

A

Material factors: growth in income and wealth Non-material factors: access to health and education and social advancement

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18
Q

Economic growth

A

an increase in the amount or level of national production that has occurred over time

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19
Q

Economic indicators

A

statistical measures used to assess and track the overall health, performance, and trends of an economy

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20
Q

Employment

A

a person above legal working age who is engaged in labour and receives remuneration

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21
Q

Exchange rate

A

the value of a nation’s currency when compared to another currency, or a basket of currencies of one’s major trading partners

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22
Q

Expansion

A

where economic activity increases over time, potentially leading to a boom

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23
Q

Export demand

A

spending on Australian goods and services by overseas consumers

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24
Q

Final goods

A

goods that do not require further processing, purchased directly by end consumers for direct consumption

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25
Q

Government demand

A

spending by governments on goods and services

26
Q

Gross Domestic Product (GDP)

A

the final market value of all goods and services in the Australian economy over a period of time (usually year)

27
Q

Import demand

A

money that is spent on goods and services that were produced overseas

28
Q

Indirect tax

A

tax paid by economic agents via their purchases of goods and/or services e.g GST

29
Q

Inequality

A

difference in opportunity or outcome

30
Q

Interest rate

A

the cost of borrowing money or the rate of return from lending money

31
Q

Intermediate goods

A

goods that are used by businesses in producing goods and services

32
Q

Investment demand

A

private sector spending on capital

33
Q

Lagging indicators

A

reflect changes and trends in an economy after they have occurred, providing a retrospective assessment of economic performance

34
Q

Leading indicators

A

provide insight into the future direction and performance of an economy, often used to forecast changes in economic activity

35
Q

Material living standards

A

living standards as measured by access to goods and services

36
Q

Net exports

A

exports minus imports (X-M)
money paid to Australians from overseas in exchange for exports MINUS money Australians pay to overseas producers in exchange for imports

37
Q

Non-material living standards

A

aspects of a person’s quality of life that cannot be measured by monetary factors

38
Q

Peak

A

the zenith of economic activity (boom is strong peak)

39
Q

Pollution

A

the addition of any substance to the environment at a rate faster than it can be dispersed in some harmless form

40
Q

Productive capacity

A

the potential output of the economy

41
Q

Productivity

A

the volume of output (e.g real gdp) that is produced from given number of inputs

42
Q

Real GDP per capita

A

a country’s economic output per person

43
Q

Recession

A

a period (usually two successive quarters) of very low rates of growth or negative economic growth in production (aka real GDP) and high rates of unemployment

44
Q

Savings

A

money that is stored rather than being spent on goods and services

45
Q

Shock

A

any unexpected event that has a large-scale, unexpected impact on the economy

46
Q

Standard of living

A

the quality of a given population’s life, measured in part by the quantity and quality of material goods and services

47
Q

Structural changes

A

a dramatic shift in the way an industry or market functions, usually brought on by major technological developments

48
Q

Tariff

A

a form of ‘protection’ involving tax on imports

49
Q

Taxes

A

money given to the government based on a person/entity’s participation in the economy

50
Q

Terms of trade (TOT)

A

the ratio of exports to import prices

51
Q

Trough

A

the nadir of economic activity (depression is very strong trough)

52
Q

Unit labour cost

A

cost of labour per unit of output

53
Q

Congestion

A

an excess of vehicles on a portion of roadway at a particular time resulting in speeds that are slower

54
Q

Gini coefficient

A

a number between zero and one that provides an indication of the degree of inequality in the distribution of income

55
Q

Gross National Income (GNI)

A

an estimate of the total value of all the final products and services turned out in a given period by the means of production owned by a country’s residents

56
Q

Human Development index (HDI)

A

a summary composite measure of a country’s average achievements in three basic aspects of human development: health, knowledge and standard of living

57
Q

Purchasing power parity (PPP)

A

the rates of currency conversion that equalize the purchasing power of different currencies by eliminating the differences in price levels between countries

58
Q

Urban sprawl

A

the rapid expansion of the geographic extent of cities and towns, often characterized by low-density residential housing, single-use zoning, and increased reliance on the private automobile for transportation

59
Q

Urbanisation

A

the process by which large numbers of people become permanently concentrated in relatively small area, forming cities

60
Q

Worker’s/migrant’s remittance

A

when migrants send home part of their earning in the form of either cash or goods to support their families

61
Q

World Happiness Survey

A

it asks citizens of each country to self-report their level of happiness, to see how their averages compare to other measures of standard of living (e.g. life expectancy, income, perception of corruption in government, etc.)

Economics alcoholics (3 decks)

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