2.1 Economic growth (wip) Flashcards
1
Q
What is economic growth?
A
Economic growth is the increase in the production of goods and services in an economy. It is measured via quarterly gross domestic product (GDP).
2
Q
What is the policy objective of economic growth?
A
Governments aim to maintain sustainable economic growth long term to improve overall living standards and unemployment.
3
Q
What are the stages of the economic cycle?
A
