Market socialist economy

Planned Capitalist

Market Capitalist

Planned Socialist

What does GDP stand for?

What is GDP?

Why do economists measure GDP and economic growth?

What is the yearly Australian target for economic growth?

Identify two limitations to using GDP as a measure of progress in Australia.

Define Inflation

What is the yearly inflation target in Australia?

What are the two ways inflation is measured?

Describe how CPI is used as a measure of inflation

Describe how DFD is used as a measure of inflation

What are three causes of Inflation?

Explain why businesses trying to make more profit might lead to higher inflation rates

Explain why increasing wages might lead to higher inflation rates

Explain why a devaluation in currency might lead to higher inflation rates

Define the term: Unemployment rate

What is the Unemployment rate target in Australia?

Why is the target Unemployment rate not 0%?

What are the four types of unemployment?

Define and give an example of Seasonal unemployment

Define and give an example of Frictional unemployment

Define and give an example of Structural unemployment