Economic Growth Flashcards

1
Q

What is Economic Growth

A

An increase in the productive capacity of the country

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2
Q

How is economic growth measured

A

GDP

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3
Q

What is real GDP

A

GDP that is adjusted for inflation
Means it can be compared across different years

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4
Q
A
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5
Q

What is GDP

A

Gross domestic product - The total value of all goods and services produced in that country in that year

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