Economics

Question 1

Labour force

Answer 1

Percentage of Australians over the age of 15 who are willing and able to work

Question 2

Seasonal unemployment

Answer 2

Workers only required at specific times of the year
eg. fruit pickers

Question 3

Structural unemployment

Answer 3

Unemployment caused by a change in industry or technology
eg. introduction of self serving checkouts

Question 4

Frictional unemployment

Answer 4

Unemployment that occurs between ending one job and starting another
eg. builders unemployed between construction job

Question 5

Cyclical unemployment

Answer 5

Unemployment based on the business cycle
eg. when cycle is in downturn unemployment will rise as there is less consumer demand

Question 6

What is GDP?

Answer 6

(Gross domestic product) The total value of all goods and services produced in an economy in one year

Question 7

What is GDP per capita?

Answer 7

A measure of a country’s economic output per person, calculated by dividing the country’s total GDP by its population

Question 8

What is inflation?

Answer 8

A general increase in prices and fall in purchasing value of money

Question 9

What is the GINI coefficient?

Answer 9

Statistical measure if inequality, most commonly used to measure income inequality

Question 10

Wealth

Answer 10

The total of all assets owned by a person, community, county and company