Macro 11 - Economic growth Flashcards

1
Q

Short run economic growth definition

A

An increase in growth rate in GDP

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2
Q

Long run economic growth definition

A

An increase in productive capacity of economy.

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3
Q

How does long run economic growth occur?

A

Increase in quality or quantity of factors of production

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4
Q

What are the difficulties of measuring economic growth?

A

Under reported income and hidden economy

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5
Q

What is the difference between economic growth and economic development?

A

Economic growth = Rise in GDP
Economic development = Rise in GDP + Increased quality of life

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6
Q

what is sustainable economic growth

A

Economic growth which doesn’t compromise the needs of future generations

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7
Q
A
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