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4 Cards in this Set

  • Front
  • Back
Economic Growth
Increase in real GDP per capita over time
Real GDP Per Capita (equation)
Real GDP/Population
Modern Economic Growth
Characterized by sustained and ongoing increases in RGDP per capita
Factors that encourage growth:
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