Economic Growth & Economic Development
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Last updated 9:42 PM on 10/2/23
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9 Terms
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Economic Growth
Increase in real national output
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Economic Development
Improvement in the quality of life and standard of living, including measures of literacy, life expectancy, and healthcare
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Economic Growth
Increase in real GDP, higher national output
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Economic Development
Economic growth, increase in living standards, increase in educational standards, improved healthcare, improved infrastructure, diversification
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Capital GDP
Measure of economic growth, total volume of goods and services produced in an economy
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Factors of Economic Growth
Accumulation of capital stock, increases in labor inputs, technological advancements
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Growth Accounting
Measures the contribution of capital, labor, and technology to economic growth
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Technological Progress
Main driver of long-run economic growth, as the additional output obtained from adding more capital or labor eventually declines due to diminishing returns
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Long-Run Growth
Cannot be sustained by simply accumulating more capital or labor, technological progress is necessary for continued growth
