Hsc Economic Textbook: Topic 3 Summary

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 Gross Domestic Product (GDP) i.e the percentage increase in the value of goods and services produced in an economy over a period f one year, adjusted for the rate of inflation John Maynard Keynes developed a theory which stated …

…Non-renewable resources are those natural resources that are in limited supply because they can not be recreated in a short time frame. eg oil, coal The impact of the depletion of resources is greatest threat on future generations. The aim of sustainable resource management is that the present generation does not consume the stocks of renewable resources and minimizes depletion of non-renewable resources, or at least ensures that new technology makes alternative resource use possible.