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4 Cards in this Set
- Front
- Back
Economic Growth
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Increase in real GDP per capita over time
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Real GDP Per Capita (equation)
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Real GDP/Population
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Modern Economic Growth
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Characterized by sustained and ongoing increases in RGDP per capita
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Factors that encourage growth:
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1. Production Factors
- Increase quantity and quality of natural resources per worker - Increase the human capital per worker (skills) - Increase the supply of capital goods per worker 2. Production Technology -Improvement in technology -Productive efficiency 3. Demand - More open to trade |