GDP and Unemployment Flashcards
1
Q
What is economics
A
Economics is the study of how societies use scarce resources to produce goods and service and distribute them among people
2
Q
What does “economy” refer to
A
The production and consumption of goods and services
3
Q
When an economy increases in size what happens to jobs
A
Job increase
4
Q
When an economy decreases in size what happens to jobs
A
Job decrease
5
Q
What are the three indicators to check economic performance
A
GDP
Unemployment rate
Inflation rate
6
Q
What is the target growth for Australia’s GDP
A
3-4% each year
7
Q
What is unemployment rate
A
A percentage of people that do not work out of the people that can work
8
Q
What unemployment rate does Australia aim for
A
They aim for a 5-6% unemployment rate
