2.5.1 - Causes of growth Flashcards
1
Q
What factors could cause economic growth ?
A
o Land
o Labour
o Capital
o Enterprise
o Technological advancements
2
Q
Land*
A
3
Q
Capital
A
4
Q
Enterprise
A
5
Q
Blurt everything you know about Actual & Potential Growth
A
● Actual economic growth - Occurs when there is an **increase **in the quantity of goods/services produced in an economy in a given period of time.
o This is often measured by the percentage change in real gross domestic product (GDP).
● Potential growth is the increase in the productive potential of an economy as demonstrated by a shift outward of the production possibilities frontier (PPF) or the long-run aggregate supply (LRAS) curve.
6
Q
Blurt everything you know about International Trade & Export-led Economic Growth
A
