economic growth Flashcards
Economic project (7 cards)
1
Q
what is economic growth
A
increase in a country’s production as measured by gdp
2
Q
What are the benefits of economic growth
A
Improved living standards, creates jobs and reduces poverty
3
Q
What are the types of economic growth
A
extensive and intensive
4
Q
What are the key drivers of economic growth
A
Investment, education, innovation and political stability
5
Q
What is the difference between growth and development
A
Growth is about number, while development is about quality of life
6
Q
What are the challenges of economic growth
A
Environmental damage, resource depletion and economic bubbles
7
Q
What are the solutions
A
investing in education, supporting entrepreneurship, ensuring political stability and fair wealth distribution
