Economic Growth

GDP Growth

Topic Menu
Content Contributors
Christian Bien Portrait_edited.jpg

Carys Brown

Learning Objectives

tutorial.png

one.png
GDP as a Measure of Economic Growth
Slide1.jpeg

GDP is defined as the total value of goods and services sold over a period of time. It is seen as a the most prominent measure of economic performance. The Reserve Bank of Australia released the current GDP figures on the 6 th of August 2021. Currently Australia’s GDP rate is 1.1%. Comparatively, China’s GDP rate is 7.9%. 

(These statistics are perfect to use as evidence in you extended and short responses in class!)

 In order to measure the economic growth rate, you calculate the difference in a nations GDP between two periods. This is shown by the formula:

two.png
Slide2.jpeg
two.png
Strengths and Weaknesses
Slide2.jpeg

GDP is the most notable measure of economic growth, however, as it is only a dollar value of goods and services, it fails to incorporate other factors that may influence society’s perception of economic growth.

two.png
Slide2.jpeg
two.png
Slide2.jpeg
two.png
Slide2.jpeg
two.png
Slide2.jpeg
two.png
Slide2.jpeg
Concept and Measurement of Economic Growth
Types of GDP
GDP Growth
Costs and Benefits of Economic Growth
Determinants of Economic Growth
Students Walking Up Stairs_edited.jpg

Registrations Now Open for Empowered Academy

A Free Student-Centred Revision Program

Logo-New-Large.png