GEOG2205 Study Guide - Final Guide: Time Series, Underemployment, Consumer Confidence
Exam Review – Comparative Economic Measures
Rebecca Myers
Exam Review – Comparative Economic Measures
Estimated Resident Population: how many people in a given area at a given time.
What are the limitations of using time series population data when looking at economic change?
• Only looking at economic change you ignore other factors of development such as
wellbeing, health, education rates
• Does not tell whether people are in a certain state by choice – dislocated people
What do broad population data obscure?
• Specific demographic information, specific suburb growth
What data would we want to offer a fuller picture?
• Age, income, cultural demographics
• Combine unemployment rate
Gross State Product (GSP): total value of goods and services produced within a state over a given
period.
In its raw form, what are the problems with GSP as a measure of growth?
• Some states are resource and industry rich and other states do not have this
• Federal administrative jobs in one location (Canberra)
• Immigration not determined by state, federal decision
• Federal government that determines expenditure for each state, this in term determines
how much that state can be economically active
• Does not show population variance
• Difference between state having capital intensive industry vs job intensive industry
How might the data be transformed to offer a more realistic insight into differential growth?
• Comparative analysis to population rates
• Analysing it over time, not just one year
• Greater focus on comparative industry growth (tourism, hospitality, retail)
Private New Capital Expenditure: based on annual survey of business, how much is spent on new
technologies, equipment, buildings, land and so on
What does this indicator provide insights into?
• Investment and new capital items which shows business activity, industry movement
(growth)
• Education rates
• Business confidence in the market
What do you think might be the limitations?
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Document Summary
Estimated resident population: how many people in a given area at a given time. What do broad population data obscure: specific demographic information, specific suburb growth. What data would we want to offer a fuller picture: age, income, cultural demographics, combine unemployment rate. Gross state product (gsp): total value of goods and services produced within a state over a given period. In its raw form, what are the problems with gsp as a measure of growth: some states are resource and industry rich and other states do not have this, federal administrative jobs in one location (canberra) How might the data be transformed to offer a more realistic insight into differential growth: comparative analysis to population rates, analysing it over time, not just one year, greater focus on comparative industry growth (tourism, hospitality, retail) Private new capital expenditure: based on annual survey of business, how much is spent on new technologies, equipment, buildings, land and so on.
