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Name: Tan Chin Kuan Student ID: 3141181 Tutorial Grp: B2 hebdomad 3 Tutorial 1) Natural disasters and large scale compassionate mistake can gravel mixed impacts on countrys GDP. a) using one of the above examples, explain why immanent and human-induced disasters a lot have mixed impact on GDP. In harm of economy, natural disasters be a negative supply infract such(prenominal) as production is disrupted and public infrastructures, homes, cars and business assets be damaged. Spending is initially delayed but then increases as disruptions ease and the repair and replacements of damaged assets gets under way. umpteen an(prenominal) businesses suffered major damaged and re primary(prenominal) closed in Christ church, dim naked Zealand due to the earthquake. Additional data was sought from roughly 800 Canterbury businesses on the value of their stock lost in the earthquake. Many excavation companies declared force majeure, which releases them from liabili ty when they are otiose to tack together the contract. b) Use your example to briefly question the limitations of the current methods utilize to note GDP.

There are many limitations of Gross domestic Pruducts(GDP) such as intangible valuables and reputations of output. In terms of new-made Zealands 2011 Christchurch earthquake, people that are living in the red-zone or those only suffered from the disasters might feel strongly dangerous which GDP may be unable to measure. On the opposite hand, disasters could be added to composition of output which GDP might failed to measure as well. In addition to the non-material aspects of welfare which is excluded from GDP, health, family are the main aspects which were damag! ed from disasters.If you want to get a full essay, methodicalness it on our website: OrderEssay.net

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