Economic growth overview
Overview of economic growth.
- Created by: Aimen Kamran
- Created on: 30-05-13 13:27
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- Economic Growth
- Increase of potential level of output the econ can produce over time.
- Growth =\= development.
- Short-run
- Makes use of spare capacity + labor
- Long-run
- Shifts the PPf outward
- Usually shifts LRAS
- Causes
- Technical progress
- Increased labour productivity
- Economic cycle
- Fluctuations in econ activity accompanying SR growth
- sustainable =\= sustained
- Known as economic recovery
- Short-run
- Makes use of spare capacity + labor
- Short-run
- Investment
- Causes
- Technical progress
- Increased labour productivity
- Causes
- Causes
- Economic cycle
- Fluctuations in econ activity accompanying SR growth
- AD fluctuations
- Supply-side factors
- Economic cycle
- changes in nat Y or GDP can measure changes in living standards
- Economic Growth
- Increase of potential level of output the econ can produce over time.
- Growth =\= development.
- Long-run
- Shifts the PPf outward
- Usually shifts LRAS
- sustainable =\= sustained
- Economic Growth
- HDI is better measure
- changes in nat Y or GDP can measure changes in living standards
- changes in nat Y or GDP can measure changes in living standards
- Number of costs and benefits
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