Economic Growth

Question 1

Economic growth

Answer 1

Increase in gdp over time

Question 2

GDP (gross domestic product)

Answer 2

The value of output produced within a country in a year

Question 3

GDP per capita

Answer 3

GDP divided by population

Question 4

What are the 6 determinants of economic growth

Answer 4

Investment
Changes in technology
Size of workforce
Education and training
Natural resources
Government policies

Question 5

Benefits of economic growth

Answer 5

An economy is able to make more output
More workers needed as their is an increase in output creating job opportunities
Greater supply of goods and services which will lead to decrease in prices and increase in living standards of consumers

Question 6

Costs of economic growth

Answer 6

Pollution and quality of life
Workplace stress
Inflation
International competitiveness
Inequality
Depletion of resources

Question 7

Impact of economic growth on economic social and environmental sustainability

Answer 7

Economic growth should increase quality of life without reducing for future generations
Costs and benefits can have impact on factor of production now and into the future
Increased production due to more output during economic growth may lead to more air pollution