economic growth of US, Australia and India
Group Assignment Self-check
Fri, Jun 06 2014, 2:06 AM
20% match
Submission ID: 54829378
Introduction to Economic Growth
In this report, the economic growth of Australia, USA and India is discussed. Economic growth is key factor to economic development. People of the nation are benefited when national income grows. The is no any scientific method of formula to measure the economic growth whereas the data, charts and other information can be helpful for strategy-makers to understand the countries’ economic positions and design a framework to guide for an effort toward development. Data are the artefacts covering measures of economic growth, such as gross domestic product (GDP) and gross national income (GNI). They also have pointers representing elements known to be appropriate to economic growth, such as capital stock, employment, investment, savings, consumption, government spending, imports, and exports (The World Bank, 2014).
GDP is one of the primary pointers to evaluate the economy of a country. GDP is the market value of goods and services produced by property and labour in a country in a given period of time regardless of nationality (The statistics Portal, 2014). Normally, it is calculated on an annual basis and includes all public and private consumption, government expenditure, investments, and net exports. The Gross Domestic Product is primary pointers in measuring a country’s standard of living. In addition, Real GDP is a key indicator to measure economic growth since it is a measurement that takes prices changes into consideration (The statistics Portal, 2014). Real shows the changes in the value of the national currency, known as inflation and deflation, which allows for the evaluation of a country’s annual GDP over a longer period of time (i.e. years or decades).
Glance on Economic Growth & comparison between Australia, USA & India
AUSTRALIA
The Australian economy has experienced continuous growth and features low
Fri, Jun 06 2014, 2:06 AM
20% match
Submission ID: 54829378
Introduction to Economic Growth
In this report, the economic growth of Australia, USA and India is discussed. Economic growth is key factor to economic development. People of the nation are benefited when national income grows. The is no any scientific method of formula to measure the economic growth whereas the data, charts and other information can be helpful for strategy-makers to understand the countries’ economic positions and design a framework to guide for an effort toward development. Data are the artefacts covering measures of economic growth, such as gross domestic product (GDP) and gross national income (GNI). They also have pointers representing elements known to be appropriate to economic growth, such as capital stock, employment, investment, savings, consumption, government spending, imports, and exports (The World Bank, 2014).
GDP is one of the primary pointers to evaluate the economy of a country. GDP is the market value of goods and services produced by property and labour in a country in a given period of time regardless of nationality (The statistics Portal, 2014). Normally, it is calculated on an annual basis and includes all public and private consumption, government expenditure, investments, and net exports. The Gross Domestic Product is primary pointers in measuring a country’s standard of living. In addition, Real GDP is a key indicator to measure economic growth since it is a measurement that takes prices changes into consideration (The statistics Portal, 2014). Real shows the changes in the value of the national currency, known as inflation and deflation, which allows for the evaluation of a country’s annual GDP over a longer period of time (i.e. years or decades).
Glance on Economic Growth & comparison between Australia, USA & India
AUSTRALIA
The Australian economy has experienced continuous growth and features low
References: Annual growth of the real gross domestic product (GDP) of the United States from 1990 to 2013 The Statistics Portal viewed on 4 June, 2014 viewed at Australia Economy Profile 2013, Index Mundi, , viewed on 6 June, 2014 viewed at Australia: Real gross domestic product (GDP)growth rate from 2003 to 2013 (compared to the previous year), The Statistics Portal viewed on 4 June, 2014 viewed at Cowen, T Data Table 2014, Planning Commission Government of India, viewed on 4 June viewed at Growth in the United States Boundless viewed on 4 June, 2014 viewed at Guterres, E. (2014) Australia GDP grows by 2.8% in 2013. By Economy. Available from: [https://www.mywealth.commbank.com.au/economy/aussie-economy-up-2-8--over-2013-news20140305] Heath, M India: Real gross domestic product (GDP) growth rate from 2004 to 2014 (compared to the previous year) The Statistics Portal viewed on 4 June, 2014 viewed at Investopedia US, 2014, Gross Domestic Product – GDP, viewed on 2nd June 2014, Taborda, J 2014, United States GDP Growth Rate, Trading Economics viewed on 5 June,2014 viewed at The World Bank., 2014, Economy & Growth, , viewed on 2 June 2014.