Economics - Government goals

[atar90please]

Are the government goals of:

3-4% Economic Growth
2-3% Inflation
4-5% Employment

over the course of one year or the entire business cycle (10 years).

e.g. The government pursues an annual increase of 3-4% economic growth.
                                              or
       The government pursues a 3-4% increase of economic growth over the medium term (business cycle).

[mikehepro]

From what i know these statistics are all annually. eg. 2-3% inflation per year.

[Kuchiki]

• 3-4% GDP growth per annum.
• 2-3% inflation per annum on average over the course of the business cycle.
• 5% unemployment/non-accelerating inflation rate of unemployment (NAIRU)/no cyclical unemployment.

[chasej]

Are the government goals of:

3-4% Economic Growth
2-3% Inflation
4-5% Employment

over the course of one year or the entire business cycle (10 years).

e.g. The government pursues an annual increase of 3-4% economic growth.
                                              or
       The government pursues a 3-4% increase of economic growth over the medium term (business cycle).

Keep in mind that the economic growth goal isn't official-it's just the growth in Real GDP that tends to be consistent with strong and sustainable growth in Australia, hence that's what we use for VCE purposes.

Also the business cycle isn't always 10 years. A business cycle is just a full cycle no matter how long it takes i.e. expansion, peak, contraction, trough is a business cycle