Week+11+-+Challenge

Week 11 - Challenge.

**//Table 1//**- Real GDP **//Table 2//** – Australia: Gross Product/hr worked in the market sector.
 * Period || Real GDP $b || % change on previous yr ||
 * 2001-02 || 851.5 || +3.8 ||
 * 2002-03 || 878.3 || +3.2 ||
 * 2003-04 || 913.7 || +4 ||
 * 2004-05 || 939.7 || +2.8 ||
 * 2005-06 || 967.5 || +3 ||
 * 2006-07 || 999.7 || +3.3 ||
 * 2007-08 || 1037.0 || +3.7 ||
 * Period || % increase in pdty ||
 * 1977/78 – 1987/88 || 17.5 ||
 * 1988/89 – 1998/99 || 32.0 ||
 * 1999/00 – 2007/07 || 15.0 ||

continuing increase in productivity, the Australian economy has experienced economic growth between 2001-2002 and 2007-2008, with no pattern of economic decline. Therefore, economic growth is strongly related to the productivity within an economy. || These patterns of economic growth may have been the result of increased employment, increased government expenditure, decreased taxation and improved levels of exports, all of which relate to aggregate demand and supply. || improvement in productivity from 1977 to 2007, with also consistent, positive changes in Real GDP from 2001 to 2008. Therefore, there has been positive economic growth through improvements in productivity and real GDP || This positive rates of economic growth may have resulted from microeconomic reform to encourage increases in efficiency, productivity and international competitiveness, allowing industries to satisfy aggregate demand and give rise to real GDP, which increases economic growth. These patterns of economic growth may have also been a result of increased injection, meaning more money in the circular flow, which stimulates economic activity. || due to the consecutive increase and positive percentage change displayed and experienced from 2001-2008. However, dispite this growth, Australia's level of productivity has decreased in comparison to the levels experienced in the 1988/89 – 1998/99 which experienced a 30% increased from the previous period. || The increase in economic growth could have very well been a result of the commodities boom in which the productivity of these industries wasn't particularly manditory as the levels of demand exceeded the levels of supply. This means that Australian were capable of demanding higher prices for their g/s, meaning more money was injected into Australia's circular flow = increased economic growth. || 2001 to 2008, Australia has experienced consecutive economic growth. These years of conseutive growth is also a result of an increase in productivity, with a large increase from 17.5% in 1977/78 – 1987/88, to 32% in 1988/89 – 1998/99, levelling offafterwards. || The reasons that Australia perhaps experienced increases in economic growth, is the growing levels of exports, experienced as a result of the commodities boom in Asia, as a result of indutsrialisation. this boom increased the demand for Australia commodities, thus increasing employment, and therfore increasing the GDP of Australia. The increase in technology has also increased productivity creating and selling goods, reducing the costs of production, and increasing the profits made from the sale of the goods and services produced in Australia. ||
 * Name || What do the sources illustrate about economic growth? || State the reasons that may account for the change in economic growth. ||
 * Ms Walker || || ||
 * Robert B || The sources illustrate that due to a
 * Robert C || || ||
 * Harley || || ||
 * Anita || || ||
 * John || || ||
 * Rafael || The sources illustrate that there has been positive
 * Alison || || ||
 * Lisa || || ||
 * Ashleigh || The source illustrates that economic growth is increasing
 * Helen || As demonstrated through a positive growth in GDP every year from
 * Hugo || || ||