Flashcards and recall.

Try this with Economics

1. Write one prompt per card. Use definitions, explanations or examples from your current topic.
2. Answer aloud before turning the card. Split a card if it asks for several unrelated facts.
3. Set aside missed cards and revisit them in a later session.

View Economics resources on ATARMAXXING ↗

Recall topics

• Define absolute advantage in international trade.
• Define comparative advantage in international trade.
• Calculate opportunity cost: If Australia produces 100 cars or 50 tonnes of wheat with the same resources, what is the opportunity cost of one car?
• Calculate opportunity cost: If Singapore produces 200 microchips or 100 textiles per unit of labour, what is the opportunity cost of one microchip in terms of textiles?
• Name three factors that increase demand for Australian dollars in foreign exchange markets.
• Name three factors that decrease supply of Australian dollars in foreign exchange markets.
• What is the current account in the balance of payments?
• What is the capital and financial account in the balance of payments?
• Define the current account deficit (CAD).
• Define net foreign debt.
• Define net foreign equity.
• Name four types of trade barriers and give an example of each.
• What are the welfare effects of an import tariff?
• What is the role of the World Trade Organization (WTO)?
• What is a Free Trade Agreement (FTA) and name one FTA Australia is party to.
• Name three drivers of globalisation.
• What is structural unemployment?
• How does globalisation create structural unemployment?
• Define GDP per capita.
• Define the Human Development Index (HDI).
• Define the Gini coefficient.
• Why is GDP per capita an incomplete measure of development?
• Define external stability as a macroeconomic objective.
• What is the relationship between current account deficits and external stability?
• Name two indicators used to measure external stability.
• How do interest rate changes affect the exchange rate and external stability?
• Why might a country with a comparative advantage in primary products face external instability?
• What is a terms of trade shock and how does it affect external stability?
• Distinguish between exchange rate appreciation and depreciation and their trade effects.
• What is comparative disadvantage and why don't countries avoid trading in products where they lack comparative advantage?
• Define the five macroeconomic objectives in the QCAA syllabus.
• What are the key indicators and target ranges for economic growth in Australia?
• Define full employment in Unit 4 and the key unemployment rate targets.
• What is price stability in macroeconomic terms, and what CPI inflation target does the RBA pursue?
• Define external stability and its two key indicators.
• Describe the components of aggregate demand (AD = C + I + G + X − M) with real-world examples.
• What are the main shifters of aggregate demand (AD)?
• Distinguish between short-run and long-run aggregate supply (SRAS vs LRAS).
• What factors shift long-run aggregate supply (LRAS)?
• Define the business cycle and its four phases.