Economic Growth & GDP

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7 Terms

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Economic Growth

the ability of the economy to produce increasing quantities of goods and services

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Why is economic growth important?

-to replace goods and services that have been consumed

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GDP

the market value of all goods and services produced in a country's economy during period of time

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How do we Measure GDP?

Aggregate Demand:

C+I+G+X-M

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C+I+G+X-M

Consumption Expenditure

Investment Expenditure

Government Expenditure

Export Expenditure

Import Expenditure

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What is the ideal rate of GDP Growth

3%-4% ideal rate of increase in GDP per year

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What are some of the limitations of GDP?

-does not include non-market productions. e.g. veggie garden

-does not include environmental impacts

-does not include real numbers only estimates