Paper 2 Flashcards
1
Q
Name determinants on economic growth
A
Size of workforce
Changes in technology
Discovery of a natural resource
investment
education and training
government policies eg -if its a mixed economy ,command or free economy
investment inbasic infrastucture eg transport
2
Q
Positives of economic growth
A
reduced poverty (government has higher tax revenue )
higher employment ,decrease in umeployment
a rise in material living standard (rate of GDP rises faster than population )
3
Q
Cost of economic growth
A
inflation
inequalities in wealth
loss on non-renewable resources
lower living standards
environmental cost
