The International and Regional Business Cycles (HSC SSCE Economics): Flashcards
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Business cycle
Business cycle
Fluctuations in economic growth from aggregate supply/demand changes
GDP (Gross Domestic Product)
GDP (Gross Domestic Product)
Total market value of all final goods/services produced in economy
International business cycle
International business cycle
Fluctuations in global economic activity over time
% of Australia's output explained by G7 economies
% of Australia's output explained by G7 economies
63%
International vs domestic factors' impact on Australia
International vs domestic factors' impact on Australia
International factors have twice the influence of domestic factors
How trade flows transmit business cycles
How trade flows transmit business cycles
Boom/recession changes import demand, affecting trading partners
What do commodity prices affect globally?
What do commodity prices affect globally?
Inflation, investment, employment, and growth
Factors weakening international business cycle
Factors weakening international business cycle
Domestic rates, fiscal policy, exchange rates, structural factors
Regional business cycle
Regional business cycle
Fluctuations in economic activity in a geographical region over time
What dominates regional business cycles?
What dominates regional business cycles?
The largest economies in each region