Measuring Growth
The measure accounts for inflation and population size to give a clearer picture of individual economic well-being.
What is nominal GDP per capita?
This model shows that deminishing returns to capital limit the impact of investment on long-term growth.
What is the Aggregate Production Function?
Increased investment in this area of labour quality can boost long-term growth.
What is education and training?
This term describes an increase in the average income and standard of living.
What is imporved material welfare?
This institution regualarly publishes Australia's GDP growth data.
What is the Australian Bureau of Statistics (ABS)?
This version of GDP removes the effects of inflation to better compare output across years.
What is Real GDP?
Growth can be seen as a shift outwards on the PPF. This occurs when there is an increase in this factor of production.
What is capital?
This determinant relates to how efficiently inputs are turned into outputs.
What is productivity?
Economic growth may increase these environmetal side effects.
What are negative externalities?
In 2021, Australia saw economic growth rebound due to this kind of government spending. Bonus 100 points if you can provide the percentage of real GDP growth in 2021.
What is stimulus spending? OR What is fiscal stimulus?
2.11%
This statistical method is used to calculate the annual or quarterly percentage change in real GDP.
What is the growth rate formaula? or What is the rate of economic growth?
The PPF assumes full employment and this type of resource use.
What is efficient resource use?
This title, the three P's, can be given to these determinants of economic growth.
What are population, participation and productivity?
Rapid growth can cause this economic problem where prices rise quickly.
What is inflation?
A key challenge to Australia's future growth, which reduces participation.
What is an ageing population?
Australia's goal for annual growth.
What is 3% per annum?
On the APF, growth occurs when this input increases or becomes more productive. Bonus 100 points if you can provide both answers.
What is labour? What is capital?
This determinant is the largest contributor to potential growth in the Australian economy.
What is population growth?
Economic growth may worsen this soical issue if benefits are not equally shared.
What is income inequality?
Between 2020 and 2025, Australia's growth has been described by economists using this term.
What is uneven?
Critics argue that GDP fails to account for these types of economic contributions. Bonus 100 points in you can name an example.
What are non-market activities?
For example household labour or volunteer work.
The difference between a movement along the PPF and a shift of the PPF.
What is a change in employment vs a change in productive capacity?
This term is used to capture all of the other factors that improve workers' ability to produce goods and services, apart from the capital equipment they use.
This type of economic growth may be harmful for future generations.
What is unsustainable growth?
These are the years of Australia's last two recessions in GDP.
What are 2020 and 1991?