Economy in long run - intro to economic growth Flashcards
1
Q
What are the main facts about the world’s experience of economic growth?
A
Over the past two centuries, industralised nations have seen large improvements in standards of living, as can be seen in the large increase in GDP per person (basically, lots of people began working and contributing to an economy).
2
Q
When has growth occurred?
A
Last 200 years or so
3
Q
How has growth been distributed across the world’s countries?
A
Industralised countries like America and US, countries in East Asia region, has some good growth going. Of particular note is Sub-Saharan Africa which has large parts of the country impoverished.
