Economic growth is one of the major macroeconomic goals. Defineeconomic growth and discuss how it is measured. Explain why a country's economic growth rate matters to a friend who is seeking your opinion about why unemployment rates fluctuate, why tourism booms and wanes over time and how economic growth rates affect the general population in countries such as Australia and China.

(b) China has experienced a period of strong economic growth over recent years. Does this mean that China'seconomic growthhas always improvedeconomic wellbeing? If yes, why? If no, why? Briefly explain and outline whether other measures should be considered and why.