2.5 Economic growth Flashcards
1
Q
a) Factors which could cause economic growth
A
2
Q
b) The distinction between actual and potential growth
A
3
Q
c) The importance of international trade for (export-led)
economic growth
A
4
Q
a) Distinction between actual growth rates and long-term
trends in growth rates
A
5
Q
b) Understanding of positive and negative output gaps and
the difficulties of measurement
A
6
Q
c) Use of an AD/AS diagram to illustrate an output gap
(level of spare capacity) in an economy
A
7
Q
a) Understanding of the trade (business) cycle
A
8
Q
b) Characteristics of a boom
A
9
Q
c) Characteristics of a recession
A
10
Q
a) The benefits and costs of economic growth and the
impact on:
o consumers
o firms
o the government
o current and future living standards
A
