Examlex
Which of the following is included in Australia's GDP?
i. The rental value of homes owned by Australian citizens
ii. The production of Cotton On t-shirts by their suppliers in India
iii. Tickets sold by Bruno Mars for concerts held in Sydney
Shortage
A situation where the demand for a product or service exceeds the supply available at a specific price.
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in market equilibrium.
Lumber
Timber sawed or split into planks, beams, and other shapes, used for building or crafting purposes.
Demand
The desire to own anything, accompanied by the power and willingness to pay for it.
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