7 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 GDP ie. The % increase in the value of goods and services over a period of one year, adjusted for the rate of inflation. The ABS uses a variety of approaches for measuring GDP in Australia. These measures are known as …showed first 75 words of 6363 total…

…showed last 75 words of 6363 total…they cannot be recreated in a short time frame. Because they cannot be replaced, the consumption needs to be carefully managed as to minimise waste. These are in contrast with renewable resources, which naturally regenerate themelves. However, the problem with over exploitation of these resources is that we can deplete them to a point when they become non renewable and they are lost forever. E.g overfishing has caused some species to be extinct.