Topic 3- Economic Growth

0.0(0)
Studied by 0 people
call kaiCall Kai
Locked
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
GameKnowt Play
Card Sorting

1/4

encourage image

There's no tags or description

Looks like no tags are added yet.

Last updated 2:31 PM on 9/18/26
Name
Mastery
Learn
Test
Matching
Spaced
Call with Kai
Chat

No analytics yet

Send a link to your students to track their progress

5 Terms

1
New cards

Economic Growth

  • an increase in the aggregate output of an economy (measured using real GDP)

  • higher real GDP = more goods/services over time

  • more output = better living standards


2
New cards

2 Ways Economic Growth Occurs

  1. acquiring more resources (land, capital, labor, technology

  2. becoming more productive in use of existing resources


3
New cards

Growth Rate

  • the percentage change in Real GDP (or Real GDP per capita) from one year to the next

  • growth rate = (real GDP - real GDP of previous year / real GDP of previous year) x 100


4
New cards

Annual Rate of Growth

  • average growth rate of Real GDP over several years

  • annual rate of growth = sum of growth rates / # of years


5
New cards

Rule of 70

  • determines how long it takes a country’s real GDP per capita to double

  • # of years to double = 70 / growth rate