Macroeconomic Objectives Flashcards
(5 cards)
1
Q
Economic Growth (EG)
Definition
A
An ↑ in real GDP of a country.
2
Q
Actual EG (AEG)
Definition
A
An ↑ in National Output produced in a country’s economy over a given period of time.
3
Q
Potential EG (PEG)
Definition
A
An ↑ in the Productive Capacity of a country’s economy over a given period of time.
4
Q
Sustained EG
Definition
Subset of EG
A
An ↑ in Real GDP of a country over time ie. both AEG & PEG is achieved.
5
Q
Sustainable EG
Definition
Subset of EG
A
