Economics 2.1.1 Economic growth
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7 Terms
What is Economics
The study of production, distribution, consumption of goods and services
What is Macroeconomics
The branch of economics that deals with performances, structure and behaviour of a national or regional economy as a wholeband examines overall economic indicators such as GDP, unemployment rates, and inflation.
What is Economic Growth
The percentage change in GDP over a period of time
What is Short Run economic growth
the actual annual percentage change in Real National Output RNO
What is Long Run economic growth
an increase in the potential productive capacity of the economy
What is GDP
Gross Domestic Product
a measure of all goods and services produced in a country over a specific time.
What is REAL GDP
a measure of all goods and services produced in a country over a specific time TAKING INTO ACCOUNT INFLATION
Note 
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