Economic growth is defined as the increase in the value of all goods and services produced in an economy over a given period of time. It is measured by the Australian Bureau of Statistics which compares Gross Domestic Profit from one time period to the next. Economic growth is important because it demonstrates the increase in the ability of an economy to provide for the economic welfare population. It shows how much additional value has been created by the economy from one year to the next. Australia’s current figure of economic growth is 2.7% which is below our target range of 3-4%.
Inflation is defined as the increase in the general level of prices over a given period of time. It is measured by the Reserve Bank of Australia which compares the prices of goods from one year to the next. Inflation is important because it helps to develop the value of the GDP and measures the level that prices rise so we can better predict what will happen. Australia’s current figure for Inflation is 2.7% which sits within our target range of 2-3%.
Unemployment is defined as the inability to find work while being part of the labour force. The unemployment rate is the number of people within the labour force who are seeking but unable to find work. It is important to the economy because it controls the level of spending within the economy and, in turn, influences the level of inflation. It is measured by the Australian Bureau of Statistics. Australia’s current figure of Unemployment is 6.3% which sits just outside the target range of 4-6%.
The reject shop
The reject shop is a retail shop specialising in everyday household goods such as toothbrushes and. It is located in every state in Australia and as of November 2014, has 335 stores Australia-wide and have over 5000 employees. The Reject shop first started in 1981 in Melbourne originally selling second-hand goods and “discontinued lines” which…