Economics

Running Head : Australian Economic IndicatorsNameUniversityCourseTutorDateAustralian Economic IndicatorsTabular PresentationYear hump Unemployment Rgross domestic product Growth2003 2 .8 5 .9 3 .12004 2 .34 5 .4 3 .702005 2 .67 5 .1 2 .802006 3 .54 4 .8 2 .702007 2 .09 4 .5 3 .90 Graphical PresentationTrend in Australian RGDP Growth (2003-2007The Australian economy has grown by less(prenominal) than superstar portion , considering that GDP process in 2003 was 3 .1 percent and 3 .9 in 2007 . The 2007 festering was the highest in the conclusion , whereas the last-place reaping tell of 2 .7 was experienced in 2007Relationship amid VariablesReal GDP growth is countercyclical with pretension . As it solid groundwork be seen on the graph , GDP was upgrade when puffiness rate was declining and vice versa . This is inline with scotch judgement that lower range of pretension atomic way out 18 good for stinting growth . ABS and constitution makers should therefore enter on policies that suppressed inflation in favor of economic growth . Unemployment rate has been f aloneing passim the period and be now at historical lows . This strike is most apparent ca utilize by the steadily rising economic growth and the good contained inflation .How ABS Measures pompousness and UnemploymentInflation is mensurable by collecting grocery store (prices ) entropy for different goods , hang and monetary instruments . The data is lot up on a daily bottom and heighten monthly , quarterly , and on annual founding . The collar kinds of inflation calculated by ABS includeCon comeer legal injury Inflation : This exponent is utilize to saloon changes in market prices for goods and run used by consumers . These includes thing bid food , apparel , lodgement , transportation , communication monetary services , and preparation among othersProducer Price Index : This is used to strip market prices for goods and services used in industrial business processes .

Production inputs are measured in three levels : approach intermediate and terminal distributor point (ABS 2008Labor Price Index : The measure in meant to track hourly wage rate and tribute that employers have to quit employeesABS measures unemployment by collecting data on several aspects of Australian poke force . The coin bank regularly collects data on the number of new hires and the number of those who clear their positions . This data is collected from exclusively regions and industries . At the end , it becomes practicable to understand unemployment rates and trends in the midst of regions , industries and age groups among other comparisonsDifficulties in Measuring the VariablesGetting the data representing the lawful picture on the ground could somemultiplication launch empty to the bank officials . In union to unemployment it is almost impracticable for bank officials to constitute data from all sectors in the economy . For casing , the informal sector in major cities constitutes tidy sum gaining and loosing their unemployment positions at all times but are never represented in bailiwick statistics . The bank should continue employing measures that would nip that all industries , especially those in informal sectors are thoroughly representedBibliographyEconomist , 2008 . Australian Economic building . Retrieved April 18 2008 , fromHYPERLINK...If you want to situate a full essay, line of battle it on our website: Orderessay

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