The Objectives of Economic Management (HSC SSCE Economics): Flashcards
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Measurement of economic growth
Measurement of economic growth
Annual rate of change in real GDP
Internal balance components
Internal balance components
Price stability and full employment
External balance meaning
External balance meaning
Sustainable external accounts & meeting long-term obligations
Full employment definition
Full employment definition
Economy at NAIRU, not zero unemployment
NAIRU stands for
NAIRU stands for
Non-accelerating inflation rate of unemployment
Australia's inflation target
Australia's inflation target
2-3% over the business cycle
High inflation erodes
High inflation erodes
Real value of income and wealth
Current account shows
Current account shows
Trade + primary & secondary income flows
Progressive taxation
Progressive taxation
Higher tax rates for higher income earners
Ecologically sustainable development
Ecologically sustainable development
Conserving resources to maintain ecological processes & quality