7 ECONOMIC GROWTH Economic Growth involves an increase in the volume of goods and services that an economy can produce over a period of time. It is measured by the annual rate of change in real GDP ie. The % increase in the value of goods and services over a period of one year, adjusted for the rate of inflation. The ABS uses a variety of approaches for measuring GDP in Australia. These measures are known as the GDP(Income), GDP(Production) & GDP(Expenditure) methods. ...

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