Economic Growth
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8 Terms
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Economic growth
when RGDP of a country increases over time
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Indicator of EG and why
RGDP because EG is a quantitative concept
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Real GDP
the total output produced in an economy
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Real gdp per capita is
output per person
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real gdp per capita is better indicator….
of the amount of standard of living
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benefit of economic growth
increase real GDP, increase standard of living, increase national income, increase government revenue
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short term economic growth
short term economic growth is caused mainly by increases in AD and increases in SRAS →correspond to expansion of real GDP in the business cycle diagram
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