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Economics Assignment- Gross Domestic Product (GDP) Assignment

   

Added on  2020-06-06

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Economics
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Gross Domestic Product (GDP)
Economics Assignment- Gross Domestic Product (GDP) Assignment_1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................11.1 Comparing the welfare of Australia and UK by using GDP per capita income and HDI....12.1 Criterion used by the firms to undertake investment expenditure........................................23.1 International trade and free trade..........................................................................................4REFERENCES................................................................................................................................6
Economics Assignment- Gross Domestic Product (GDP) Assignment_2

INTRODUCTIONGross domestic product or GDP is the monetary measure of the market valueof the final goods and services produced in the country in the financial year or onquarterly basis. GDP normally measure the economic performance of the country inaccording to its performance last year or performance of the other country. However,GDP does not measure the cost of living and the inflation rate of the countries so it isnot a good base of the measure of the welfare of any country.1.1 Comparing the welfare of Australia and UK by using GDP per capita income and HDI.Australia's GDPIn the year 2016 the GDP of Australia was about 1204.62 billion US dollarsand it represents worlds 1.94% that of world economy. While it was about 1345.38billion dollars in the year 2015 which fell by about 0.80% in 2016 (GDP ofAustralia, 2017). The GDP per capita which means the GDP income divided by thenumber of people in the country and is useful in comparing with the other country asit shows the relative performance of the countries. The GDP per capita of Australiawas about 49,927.82 USD in 2016 with its population of 24.13 million in 2016.UK's GDPThe GDP of UK in the year 2016 was about 2618.89 billion USD and wasabout 2861.09 USD in the year 2015 with a growth rate of about 0.30% (GDP ofUK, 2017). The GDP per capita obtained by dividing the total number of populationwhich is about 65.64 million in 2016, with the adjustment of inflation rate was about41602.98 in 2016. As the cost of living in Australia is low and the population is also low incomparison to UK so the GDP per capita of Australia is more than UK. Australia isexperiencing continuous growth, also low unemployment very low public debt and astrong and stable financial system.Australia's HDIAustralia ranked second in the world economy in the UN report of 2016 interms of the living standards and the life expectancy behind Norway. The nations1
Economics Assignment- Gross Domestic Product (GDP) Assignment_3

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