What Is Economic Growth Flashcards
1
Q
What is economic growth?
A
Economic growth refers to the increase in a country’s real gdp over time
2
Q
How to do measure economic growth?
A
It’s typically measure by calculating the percentage change in real gdp over a specific period such as a year
3
Q
What is the formula for growth rate?
A
( gdp at time 2 - gdp at time 1 ) divided by gdp at time 1 X 100
