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Yr 12 Economics - Economic Growth Essay

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Economic growth occurs when there is a sustained increase in a country’s productive capacity over time. The success of an economy is usually represented by the rate of change in its real gross domestic product, which is an increase in the volume of goods and services produced in a period of time. Australia’s strong economic performance in recent years has been influenced by the strong growth in the labour force, declining unemployment and rapid growth in productivity. The recent growth in the Australian economy has impacted firms, individuals and the government.

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Yr 12 Economics - Economic Growth Essay
Topics this document covers:
Macroeconomics Economy of Australia Economic growth Unemployment Productivity Inflation Financial crisis of 2007–08 Economic history of Australia Post–World War II economic expansion
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Topics this document covers:
Macroeconomics Economy of Australia Economic growth Unemployment Productivity Inflation Financial crisis of 2007–08 Economic history of Australia Post–World War II economic expansion
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The success of an economy is usually represented by the rate of change in its real gross domestic product, which is an increase in the volume of goods and services produced in a period of time. Australia’s strong economic performance in recent years has been influenced by the strong growth in the labour force, declining unemployment and rapid growth in productivity. The recent growth in the Australian economy has impacted firms, individuals and the government. Over the few years, Australia’s strong economic growth has been mainly caused by the stimulus of the global resources boom and increasing terms of trade between 2003 and 2008. Australia’s mining resources boom was helped by China’s rapid industrialisation, as they were in high demand ...
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