TOPIC 4: ECONOMIC GROWTH
- aggregate demand and its components: Y = C+I+G+X–M
- injections and withdrawals (I+G+X; S+T+M)
- the simple multiplier: k = 1/(1–MPC)
- measurement of growth through changes in real Gross Domestic Product
- sources and effects of economic growth in Australia
- increases in aggregate supply – improvements in efficiency and technology
- trends in business cycle
Aggregate Demand
GDP
WATCH: These video clips about GDP by mjmfoodie
Economic Growth
READ: Features of Economic Growth (Biz/ed) and abs statistics regarding economic growth
The Consumption Function (will help with understanding)
The Simple Multiplier
Business Cycle
For a summary on Economic Growth see Excel HSC Economics by Jeremy Buultjens