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

• The Law of Demand
• Movement along vs shift of a demand curve
• Allocative efficiency
• Role of relative prices in allocating resources
• Price elasticity of demand (PED)
• Price elasticity of supply (PES)
• Market failure
• Negative externality (with an example)
• Public goods and the free-rider problem
• One government intervention to address market failure
• Strong and sustainable economic growth (the goal)
• How real GDP is measured and why 'real'
• Goal of low and stable inflation (the target)
• Consumer Price Index (CPI)
• Demand-pull vs cost-push inflation
• Goal of full employment (the benchmark)
• How the unemployment rate is calculated
• Cyclical vs structural unemployment
• Participation rate
• Link between the domestic goals and living standards
• Balance of payments (BOP)
• Current account: what it records
• Net foreign liabilities
• Terms of trade
• Exchange rate and the Trade Weighted Index (TWI)
• Appreciation of the Australian dollar: effects
• Two factors that can cause the dollar to depreciate
• Free trade and comparative advantage
• Tariff and its effects
• Globalisation and its impact on Australia
• Budgetary (fiscal) policy
• Budget outcome: surplus, deficit, balanced
• Three ways a budget deficit can be financed
• Automatic (cyclical) stabilisers
• Discretionary (structural) stabilisers
• Direct vs indirect tax
• Progressive, regressive and proportional tax
• Main sources of Australian Government revenue
• Largest categories of government expenditure
• Net debt vs gross debt