Economic Growth Flashcards
1
Q
G.D.P
A
Gross domestic product is the value of the good and services produced in an economy at given time period.
2
Q
Long run economic growth
A
Rightward shift of the long run aggregate supply curve.
Increase in the trend rate of growth in economy
3
Q
Short run economic growth
A
Increase in aggregate demand without an increase in the productive capacity
