Examlex
When the Australian Bureau of Statistics (ABS) calculates real GDP using the average of prices in the current year and the year preceding it, and this average changes from year-to-year, this is called calculating GDP using:
Employment
Employment involves having a job or role in a company or organization, earning wages or a salary in exchange for work.
Imperfectly Competitive
Refers to market structures that do not meet the conditions of perfect competition, including monopolistic competition, oligopoly, and monopoly.
Marginal Products
This term refers to the extra output gained by adding one more unit of a specific input, keeping other inputs constant, in the production process.
Product Market
The marketplace where final goods or services are offered for purchase by consumers, businesses, and the public sector.
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