Key Economic Concepts Quiz

Key Economic Concepts

• Gross Domestic Product (GDP): Monetary value of goods and services produced and sold within a country.
• Gross National Income (GNI): Value of domestic and foreign income claimed by individuals in a country.
• Fragile State: Country at risk of collapse due to instability and inability to function (e.g., tax collection, security, healthcare).
• Slum: Overpopulated area with poor living conditions and poverty.
• Non-Government Organization (NGO): Organization aiming to improve people's lives (e.g., Red Cross, Amnesty International).
• World Bank: Bank providing loans to governments of low/middle-income countries.
• International Monetary Fund (IMF): Monitors economies and provides loans for sustainable growth.
• Closing the Gap: Reducing disparity between Indigenous/First Nation Australians and others, focusing on life expectancy, early childhood education, numeracy/literacy, year 12 completion, and employment.
• Bilateral Aid: Higher-income country supporting a lower-income country with funds or services.
• Transnational Corporations: Companies operating in multiple countries, creating jobs and economic activity, but potentially leading to profit repatriation, harsh working conditions, and resource depletion.
• Social Cohesion: Strong bonds and peace within a country's community.
• Government Policy: Principles and guidelines established by a government to run the country.
• High, Middle, and Low-Income Countries: Classification based on income levels, affecting economic development and profitability.
• Spatial Variation in Wellbeing: Differences in wellbeing indicators across geographic areas (e.g., Sydney vs. Canberra).
• Population Pyramids: Visual representations of age and sex distribution of a population (useful for understanding literacy rates, wellbeing, poverty statistics, etc).
• Correlation Analysis: Measures the strength and direction of the relationship between variables.
• Property Rights for the Poor: Investigating the challenges faced by individuals in accessing and securing housing, addressing the tension between societal traditions/government policies and individual needs.
• Microcredit/Microfinance: Small loans (avg. $220) to individuals facing poverty, without strict credit checks.
• Economic Liberalization/Free Market Policies: Reduced government control over the economy, promoting trade, deregulation, elimination of subsidies, controls and privatisation.
• Economic Deregulation: Reduction of government restrictions on economic activity.

Key Wellbeing Concepts

• High Quality of Life Elements: Mental, physical, spiritual health; cohesive relationships; education, work, social status; income/finance; security/safety; freedom/autonomy.
• Fragile State Factors: Impairments affecting social cohesion, economy, politics, and social (health/demographics) wellbeing.
• NGO/International Institution Role: Improving wellbeing indicators where governments are lacking or restricting access (e.g., refugee support, reducing discrimination, sanitation improvement).
• Population Growth/Ageing Impacts: Benefits include greater demand for goods and services, diversity, and a larger next generation; disadvantages include strain on resources and the environment.
• Indigenous Australian Wellbeing: Specific issues requiring focus and solutions.
• Aid Issues: Examining the complexities of providing and receiving aid.
• International Trade: Evaluating its advantages and disadvantages for different nations.