3.1 Contribution to the economic growth and social wellbeing of a nation Flashcards
What are the ways Businesses add to the economic and social well being of a nation.
They add to a nations economic and social being through
- Employment
- Economic growth/GDP
- International trade
- Taxation revenue
- Infrastructure
- Research and development
Explain how employment contributes to a nations economic and social well being
People employed by businesses also produce or deliver goods and service for others. Employment levels are closely linked to economic growth and living standards.
Explain how Economic growth contributes to a nations economic and social well being
Economic growth is important for any nation as it provides the chance to ensure improved living standards, The increase of production value each year will similarly increases the standard of living in Australia
Explain how Infrastructure contributes to a nations economic and social well being
It is the the foundation and investment needed in a country to provide the means for an economy to operate, so having poor infrastructure will be reflected in the social well being of an economy.
Explain how Research and Developments contributes to a nations economic and social well being
Businesses are able to support the standard of living of Australians by continually looking at new and improved ways to provide foods and services.