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HASS, Inflation, Unemployment rate - Coggle Diagram
HASS
ECONOMICS
GDP
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GDP is important because it shows how strong a country’s economy is by measuring the total value of goods and services it produces
GDP alone does not accurately assess the performance of the economy, the production of more goods and services can lead to serious social and environmental impacts
Factors not considered: Enough leisure time, spending time with family and friends, contributing to the community, enjoying nature, good health, a pollution free environment, income and wealth distribution
Productivity
Capital Productivity
measures the amount of goods and services that can be produced using a fixed amount of capital in a given amount of time
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Inflation
• consumers feeling confident about their income and employment in the future • businesses feeling confident about the future – they may therefore expand their business operations, employ more staff and invest in better capital equipment • trading partners such as China performing well and demanding our exported goods and services • relatively low interest rates encouraging consumers and business to borrow more in order to spend • lower taxes and increased government spending may also lead to increased demand and therefore expenditure
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Consumer Price Index (CPI): a measurement of retail price changes of a constant basket of goods and services, representative of what households in Australia spend
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