Economics Test Flashcards
(8 cards)
GDP
Gross domestic product. The total market value of all goods and services produced in Australia within a time frame. To calculate GDP, consumer spending, investment, Government spending and international market (value of imports - exports).
Economic Growth
An increase in the amount of goods and services produced per person within a specific period of time.
Economic Performance
How well an economy is performing, measured by whether it is achieving its economic objectives.
Unemployment
When a person is actively searching for employment, but is unable to find work.
Underemployment
State where individuals are employed but do not have full time work and would like to receive those hours.
Inflation
When the general level of price paid for goods and services over a certain period of time increases.
Productivity
Measures what can be produced (output) from a given amount of resources (input).
Living Standards
The level of wealth, material goods, comfort and life necessities available to people living in a geographical area.
