Economics flashcards

73 VCE Economics cards across 2 modules (28 definitions, 28 key facts, 14 fill-the-gap, 3 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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What this deck covers

Unit 3: Australia's economic prosperity (48 cards, 9 dot points)
Unit 4: Managing the economy (25 cards, 5 dot points)

Sample cards from this deck

Definition
Aggregate demand and aggregate supply factors (VCE Economics Unit 3)
Define Aggregate demand (AD)
Aggregate demand (AD) is the total demand for goods and services in the economy at each price level. AD = C + I + G + (X - M).
Definition
Aggregate supply policies (VCE Economics Unit 4)
Define Free TAFE places
300,000 places under the 2024 National Skills Agreement, targeting trades, healthcare, and digital skills.
Definition
The business cycle and fluctuations in economic activity (VCE Economics Unit 3)
Define Expansion (upswing)
Real GDP is rising. Consumption, investment, employment and confidence increase. As the expansion matures and the economy approaches capacity, inflation pressure builds.
Definition
Budgetary (fiscal) policy in Australia (VCE Economics Unit 4)
Define Budget outcome
The underlying cash balance is the headline measure: revenue minus expenditure, excluding Future Fund earnings and net cash flows from financial asset investments. A surplus reduces debt; a deficit adds to it.
Definition
The circular flow of income model (VCE Economics Unit 3)
Define Firms (businesses)
Use factors of production to produce goods and services. They pay factor income to households and receive consumption expenditure.
Definition
Exchange rates and external stability (VCE Economics Unit 4)
Define Equilibrium
Equilibrium is where the demand and supply of AUD intersect. A rise in demand (or fall in supply) causes an appreciation; a fall in demand (or rise in supply) causes a depreciation.
Definition
Australia's three domestic macroeconomic goals (VCE Economics Unit 3)
Define Diagram
Draw the short-run Phillips curve with inflation on the y-axis and unemployment on the x-axis, sloping downward. The long-run Phillips curve is vertical at the NAIRU. A short-run rightward shift up the curve takes unemployment below NAIRU at the cost of higher inflation.
Definition
Labour market reform and immigration as supply-side policy (VCE Economics Unit 4)
Define The NAIRU
The NAIRU (lower NAIRU = more sustainable employment).
Definition
Price elasticity of demand and supply (VCE Economics Unit 3)
Define Elastic
Elastic (PED greater than 1): quantity is very responsive. A small price rise causes a large fall in quantity.
Definition
Monetary policy and the RBA cash rate (VCE Economics Unit 4)
Define Monetary policy
Monetary policy is the manipulation of the cost and availability of money and credit by the Reserve Bank of Australia to achieve macroeconomic objectives.