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Economic Indicators (5. National Debt (Impact of NATIONAL DEBT (Households…
Economic Indicators
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1. Inflation
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Causes of High Inflation
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An increase in Indirect taxes, example: VAT
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Definition: Is the increase in the general level of prices of goods and services from one year to the next
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2. Employment Levels
LABOUR FORCE refers to all people of working age (16 - 65), that are able to and willing to work
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6. National Income
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GROSS DOMESTIC PRODUCT (GDP) the total value of goods and services produced within a country in a year. This includes goods and services produced by indigenous-Home Grown- products and foreign- owned businesses
GROSS NATIONAL PRODUCT (GNP) is the total value of goods and services produced within a country in a year
4. Economic Growth
DEFINITION occurs when there is an increase in the amount of goods and services produced from one year to the next
CALCULATION
difference between year one and year two
.................................................................... x 100
production in year one