Home-grown & Home-developed Products

These are products that are produced locally in Australia. They tend to be unique to the country, may have a patriotic aspect to them and can be very successful in the global market.

Home-grown products tend to refer to natural products, like fruit and vegetables. Home-developed products tend to be goods/services that are unique and ‘Australian’. However, both home-grown and home-developed can be used interchangeably in textbooks and exams for this subject.

There are many benefits of home grown/developed products:

1. When home-grown products are developed, this increases employment in the local country. Their incomes then trigger the multiplier effect, which helps the economy grow.

2. The workers and companies all pay tax. This tax revenue can be reinvested by the government to enhance economic growth.

3. New products require spending on research and development (R&D). Spending indirectly creates jobs and income.

4. These innovative products have flow-on benefits for consumers and businesses, who use the product.

5. Innovative firms are more competitive and tend to generate more profit.

6. The unique goods/services can give businesses new revenue streams, assisting them with building and maintaining competitive advantage in markets.

7. Home-developed products create lucrative new export opportunities for businesses.

8. As the nation is using more of its resources, this improves their productive capacity. This higher efficiency leads to lower costs.

9. These innovative products can act as a patriotic representation of a country. In some cases, they may be viewed with a sense of pride.

Overall, home-grown products can benefit consumers, businesses, the government and the overall economy.