theone Flashcards by Alex Slominski

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Q: What is the Consumer Price Index (CPI)?

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A: A measure of the average change in prices of a basket of goods/services over time.

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Q: What is deflation?

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A: A decrease in the general price level of goods and services.

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Q: What is headline inflation?

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A: The total CPI including all items

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including volatile ones like food and fuel.

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Q: What is underlying inflation?

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A: CPI excluding volatile items to show the core inflation trend.

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Q: What is the unemployment rate?

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A: The percentage of the labour force that is unemployed and actively seeking work.

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Q: What is cyclical unemployment?

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A: Unemployment caused by downturns in the business cycle.

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Q: What is structural unemployment?

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A: Unemployment due to a mismatch of skills between workers and job requirements.

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Q: What is frictional unemployment?

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A: Short-term unemployment as people move between jobs.

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Q: What is seasonal unemployment?

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A: Unemployment linked to jobs that are affected by seasons (e.g. fruit picking

tourism).

Q: What is natural unemployment?

A: The normal level of unemployment due to frictional and structural factors.

Q: What is hard-core unemployment?

A: Long-term unemployment often due to personal barriers like health or criminal history.

Q: What is hidden unemployment?

A: People not actively seeking work but who would accept a job if offered.

Q: What is voluntary unemployment?

A: When individuals choose not to work at the current wage rate.

Q: What is underemployment?

A: Workers who are employed part-time or casually but want more hours.

Q: What is the participation rate?

A: The percentage of working-age people who are either employed or actively seeking work.

Q: What is the labour force underutilisation rate?

A: A measure that combines unemployment and underemployment.

Q: What are leading indicators?

A: Indicators that predict future economic activity (e.g. building approvals).

Q: What are lagging indicators?

A: Indicators that confirm past trends (e.g. unemployment rate).

Q: What are coincident indicators?

A: Indicators that show the current state of the economy (e.g. retail sales).