Exports are goods/services sold to other countries. Exporters sell products, importers purchase them. Exports provide access to global marketplace
GDP measures a country's total goods and services produced within its borders. Nominal GDP is measured at current market prices. Real GDP adjusts for inflation or deflation. Nominal GDP growth is useful for comparing market values between years
Aggregate supply represents total goods and services produced at specific prices. It is measured over a year and is the economy's gross domestic product. Aggregate supply is typically positively related to price levels
Factors of production are inputs needed for creating goods and services. Four main factors: land, labor, capital, and entrepreneurship. Control of factors determines wealth in society
Australia has a mixed economy with services sector dominating at 62.7% of GDP. GDP reached $1.802 trillion in nominal terms as of 2024. Economy grew 3.8% in 2022, 2.1% in 2023, and 1.5% in 2024. Australia is 14th largest economy by nominal GDP and 19th by PPP
Mankiw's Macroeconomics is the leading intermediate macro textbook since its first edition. New edition adds emerging topics and empirical research studies. Book emphasizes teaching macroeconomics application to current events