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12 Cards in this Set
- Front
- Back
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Economic growth |
Growth in GDP over time |
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GDP gross domestic product |
The total value added of goods and services produced in the country in a year |
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How do you calculate economic growth |
Rate of growth = change/original X 100 |
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GDP per capita |
GDP / population |
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What is an economic boom |
A period of high economic activity and high levels of employment |
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What is an economic recession |
A period when the country's GDP falls for 2 or more consecutive quarters |
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What determinants can influence economic growth |
Investment, changes and technology, education and training, labour productivity, the size of the workforce, natural resources, government policies |
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What are the benefits of economic growth |
A rise in material living standards, reduction in poverty, a rise in the welfare of the population, a rise in employment and a fall in unemployment |
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What are the costs of economic growth |
Environmental costs, air pollution, global warming, congestion, loss of non-renewable resources, lower quality of life inequalities of income and wealth, inflation |
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What are the benefits of economic growth for firms |
More profit, higher investment, higher wages |
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What are the benefits of economic growth for individuals |
Higher wages and less poverty, lower unemployment, increased living standards, more choice of goods and services |
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What are the benefits of economic growth for government |
More tax revenue, greater investment in public services and infrastructure lower debt burden for future generations |
