Question 1.
What do you understand by the terms 'inflation' and 'unemployment? Identify their main elements and causes. What is the relationship between inflation and unemployment? Use diagrams to answer the question.
Question 2.
Collect and graph for Australia and two other countries values of inflation rate and unemployment rate over the last five years period.
Question 3.
What do these statistics that you have reported in question 2 above, suggest about Australia's and other two countries performance in controlling inflation and unemployment. Why have these countries had this inflation and unemployment experience?