Economic growth Flashcards
1
Q
what is economic growth
A
a long term expansion of a country’s productive potential
2
Q
what causes growth
A
growth in size of labour force
technological advances
growth in quality of labour
3
Q
advantages of economic growth
A
higher living standards
employment effects- more jobs
4
Q
disadvantages
A
inflation risk
more working hours
5
Q
negative externalities
A
growth can cause pollution
