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Economic Growth
| Term | Definition |
|---|---|
| Strong and sustainable economic growth | the governments goal of achieving a rate of economic growth that is both economically and environmentally sustainable so it doesn't compromise living standards for current and future generations. Measured by real GDP, the current aim is around 3-4% |
| Gross domestic product (GDP) | estimates the final value of goods and services produced by a nation over a period of time, minus the cost of imputes used up in production, other than capital equipment. |
| Real GDP | estimates the annual value of goods and services produced or sold by a nation after an adjustment has been made to statistically remove the effects that changes in price have on the value of production. |
| Genuine progress indicator (GPI) | Positive and negative adjustments to the value of GDP to reflect the good or bad effects of some types of activities and spending by consumers. Eg, environmentally damage is a deduction, whilst additions are made for unpaid volunteer work. |
| Measuring Australia's progress (MAP) | involves using a range of measure to build a picture of changes in our material and non material living standards.3 main categories; society (health,education) Economy (national income, unemployment) and environment (green house gas emissions, recycling) |
| Productive capacity | the economy's physical limit or potentioal to produce goods and services when all resources are used to maximum efficiency. |
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sarah5930
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