2.6 When Economic Conditions Improve, How do Businesses Respond Flashcards
1
Q
what does GDP stand for?
A
Gross Domestic Product
2
Q
What is GDP?
A
The GDP (Gross Domestic Product) is the total monetary value of all
the finished goods and services within a country.
3
Q
what strategies could businesses adopt to improve the GDP?
A
In order to improve Australia’s GDP, businesses could adopt the following four strategies:
- Increasing their research and development spend
- Adjusting marketing strategies
- Improving the skills of your workforce
- Stepping up the production capacity
4
Q
A
