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3 Cards in this Set
- Front
- Back
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Def of economic growth |
This is the increase in the real GDP of a country within a given period of time. This is measured in terms of income, output and expenditure. |
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Explain the PPC |
economic growth can only be realised in a country when there is an increase in quantity and quality of resources which enables a country to move to higher production potential |
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Facts affecting economic growth |
1) improvement of technology. This improves the productivity and quality of resources. 2) education and training. This improves labour productivity 3) specialisation and trade. A country can get more resources. For eg capital goods 4) increase in investment. Increase in production, increases capital good. For example an increase in gov investment in welfare benefits may increase disposable income |
