Essay revision Flashcards
1
Q
What is Economic growth define as?
A
Economic growth refers to the increase of goods and services or size of a country’s economy over a period of time
2
Q
How can economic growth be measured?
A
economic growth can be measured by GDP.
3
Q
What are 3 methods of calculating GDP?
A
- Expenditure approach
- Production approach
- Income approach
4
Q
A
