Economic Growth Flashcards
1
Q
What is Economic Growth
A
An increase in the productive capacity of the country
2
Q
How is economic growth measured
A
GDP
3
Q
What is real GDP
A
GDP that is adjusted for inflation
Means it can be compared across different years
4
Q
A
5
Q
What is GDP
A
Gross domestic product - The total value of all goods and services produced in that country in that year
