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Economics, Key terms, image, image, image, image, image, image, image,…
Economics
Unemployment
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Types
structural - refers to the loss of jobs resulting from mismatch of skills or machines replacing labour
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hard-core - includes the disabled, unskilled and chronically ill
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GDP & Inflation
Gross Domestic Product (GDP) - measure of total value of all goods and services produced in Australia over a year
if GDP increases, economy grows and if it shrinks economy declines
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Inflation - increase in the general level of prices paid for goods and services because value of money has been reduced.
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ᴍᴇᴀꜱᴜʀɪɴɢ ɪɴꜰʟᴀᴛɪᴏɴ
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CPI measures the price change of a typical basket of goods and services purchased by Australian households of every quarter
Living standards
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non-material - cannot be measured in dollar terms, intangible
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Key terms
scarcity - economic problem of having unlimited needs and wants, but limited resources. Resources are:
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performance and living standards - economists measure how well an economy is doing using these methods
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living standards
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non material living standards - measure of things that contribute to our happiness eg freedom, crime levels.
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specialisation and trade - countries focusing on one industry so they develop a more efficient and competitive production process, this is much cheaper
allocation & markets - refers to way we distribute our scarce resources among producers and consumers
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