2.1.1 Economic Growth
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7 Terms
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Potential Economic Growth
an expansion in the productive capacity of the economy
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Actual Economic Growth
The rate of growth of real GDP in a period
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Real GDP
an estimate of the volume of GDP taking account of changing prices through time
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GDP
a measure of the total economic activity carried out in the domestic economy over a period of time
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Nominal GDP
is when GDP is measured using current prices
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GNI (Gross National Income)
GDP plus net income from abroad
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PPP - purchasing power parity
an exchange rate adjusted to reflect the purchasing powers in different countries
Note 
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