Economic Indicators (1 Viewer)

[narrowpin]

hi, i was just wondering what some of the "main" economic indicators would be. Its for this homework thing i gotta do and theres just too many on the abs. So i was gonna cut it down to the important few.

Thanks

 

[Platinum]

Well there are quite a few that indicate the state of the economy. In my opinion, basically everything is an economic indicator.

Current Account Deficit (Balance on Goods and Services)
Inflation/Employment/Economic Growth
Australian Dollar
Terms of Trade

More that I cannot be bothered listing.

At the end of the day, it is all relative. The best way is to try and compare Australia with the rest of the world. For example comparing Economic Growth rates to other countries etc.

 

[williamc]

Current Account Deficit (CAD)
Human Development Index (HDI) (concept of economic development, important eco indicator))
Trade Weighted Index (TWI) ($a weighted against a 'basket of other curriences"
Inflation rate (2-3% ideal)
Unemployment Rate (lower the better, Australia now around 4.4% or lower)
Economic growth rate
Terms of Trade (TOT)

 

[narrowpin]

thanks guys. those are plenty

 

[deswa1]

Things like net foreign debt, productivity growth etc. are also useful indicators. With unemployment, its good to also branch out into the different aspects (i.e. what is the youth unemployment rate versus the general etc. to allow you to draw trends and comparisons)

 

[Leffife]

Lol deswa1 you're funny.