year 13 GDP Flashcards
1
Q
what is economic growth
A
% increase in GDP from one year to the next
2
Q
short run economic growth
A
increase in GDP from one year to the next
3
Q
long run economic growth
A
increase in productive capacity from one year to the next
4
Q
limitations of GDP to see living standards
A
the hidden economy
the size of the public sector
prices - cost of living
Externalities
