aos2 SSEG

Question 1

goal of strong and sustainable economic growth

Answer 1

to achevie the highest grwoth rate possible without unsustainable inflationary external or environmental pressures. raninging from 3-3.5% REAL GDP growth per year

Question 2

REAL GDP

Answer 2

total production of goods and services in the economy in a period of time, removing the effects on infaltion

Question 3

calculate REAL GDP

Answer 3

(current GDP-previous GDP)/previous GDP * 100/1

Question 4

consequences of not achieving SSEG (bellow target)

Answer 4

unemployment increases as businesses lay of workers to protect profit,.

living standards decline due to lower incomes and less choice (due to less production)

Question 5

consequences of not achieving SSEG (above target)

Answer 5

demand infaltion (shortages put pressure on prices)

environmental damage due to rapid and excessive production

if inflation rates ride faster than trading partners, exports become more expensive and less attractive. export less (bad on employment and income)

Question 6

Qrtly 𝑔𝑟𝑜𝑤𝑡ℎ

Answer 6

(𝑆𝑒𝑝 22) = “GDP Sep – GDP June” /”GDP June “

Question 7

Annual growth

Answer 7

=(“GDP Sep 22 – GDP” 𝐒𝐞𝐩 21)/”GDP Sep 21 “

Question 8

Total production =

Answer 8

“GDP Mar 22 “+ “GDP June 22 +” “GDP Sep 22” + “GDP Dec 22”