Chapter 7: Economic Resources
The 'Economic resources' chapter discusses the scope of ABS activity in this area, defining economic resources, and differentiating these from other resources. The concepts of economic wellbeing, living standards and poverty are discussed, as well as the concepts of income, consumption and wealth and the relationship between these. The chapter shows the connection between economic resources and wellbeing and covers a number of key social issues, such as income inequality, levels of remuneration, and so on. Some key population groups of interest are identified. The 'Frameworks' section of the chapter outlines the System of National Accounts, and the Australian System of National Accounts, and further delineates the concepts of, and linkages between, income, consumption and wealth, showing stock / flow relationships and summarising various classifications (ie, sources of income, types of consumption and expenditure classifications). Measurement issues, including measuring income from self-employment and savings, and establishing counting units, equivalence scales, poverty measures, and price indices are discussed. Key data sources are listed and summarised.