Economics flashcards

163 HSC Economics cards across 4 modules (58 definitions, 60 key facts, 30 fill-the-gap, 15 formulas). Each session gives you 20 cards, due cards first. Swipe right for easy, left for hard, down for again. Keyboard: Space to flip, 1 to 4 to rate.

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Definition
Categories of development, newly industrialised and emerging economies explained: HSC Economics Topic 1
Define Developed economies
High GNI per capita, a mature services-dominated economic structure, strong institutions (property rights, rule of law, developed financial markets) and high scores on the Human Development Index (HDI). Examples: Australia, the United States, Japan, Germany.
Definition
Australia's balance of payments explained: HSC Economics Topic 2
Define Capital and financial account
Capital and financial account (KAFA): changes in ownership of foreign assets and liabilities.
Definition
Distribution of income and wealth in Australia (HSC Economics Topic 3)
Define Income
Income is like the slices handed out THIS week (wages, welfare payments); wealth is more like who already owns the pizza oven, the shop and the delivery van - the pile of stuff built up over a lifetime. Australia's income slices are shared moderately evenly by world standards (helped a lot by tax and Centrelink payments topping up the poorest and taxing the richest more), but the "who owns the oven" picture (wealth) is much more lopsided, mostly because owning a house that has gone up in value is worth far more than a wage packet.
Definition
Environmental management policies in Australia (HSC Economics Topic 4)
Define Direct regulations and standards
Set a mandatory legal limit that must be met regardless of cost. Examples: the New Vehicle Efficiency Standard (from 2025), a mandatory declining fleet-average CO2-per-km limit for new light vehicles sold in Australia, with financial penalties for manufacturers that exceed it; state Environment Protection Authority licence conditions capping emissions or discharges from individual facilities; mandatory environmental impact assessments before major developments proceed.
Definition
Environmental sustainability, climate change and global responses: HSC Economics Topic 1
Define No single owner of the atmosphere
Because no country or firm owns the atmosphere, no one has an incentive to limit emissions on their own - the cost of a tonne of CO2 emitted in one country is shared by every country on Earth.
Definition
Australia's trade composition, direction and free trade agreements (HSC Economics Topic 2)
Define Capital goods
Capital goods (machinery, mining equipment, telecoms infrastructure): around 20 percent.
Definition
Economic growth and the business cycle in Australia (HSC Economics Topic 3)
Define Economic growth
Economic growth is the increase in the real output of an economy over time. The standard measure is the percentage change in real GDP, year-on-year or quarter-on-quarter.
Definition
Fiscal policy and the federal Budget (HSC Economics Topic 4)
Define State of the economy
Multipliers are higher in recessions (excess capacity, lower crowding out).
Definition
The international business cycle and economic interdependence: HSC Economics Topic 1
Define Boom
Output above potential; inflation and trade volumes rising rapidly.
Definition
The effects of exchange rate movements on the Australian economy: appreciation, depreciation and the J-curve (HSC Economics Topic 2)
Define Appreciation
The mirror image: exports become more expensive in foreign currency and less competitive; imports become cheaper in AUD, so Australians buy more of them. Export volumes fall and import volumes rise, worsening BOGS.