unit 11 - lesson 1 - economic growth

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Economic Growth Unit 11 - Lesson 1 Learning outcomes: ● ● ● Define Economic Growth Calculate the rate of economic growth from a set of data Describe, using a production possibilities curve (PPC) diagram, economic growth as an increase in actual output caused by factors including a reduction in unemployment and increases in productive efficiency, leading to a movement of a point inside the PPC to a point closer to the PPC. ● Describe, using a PPC diagram, economic growth as an increase in pro
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  Economic Growth Unit 11 - Lesson 1  Learning outcomes: ●Define Economic Growth ●Calculate the rate of economic growth from a set of data●Describe, using a production possibilities curve ( PPC  ) diagram, economic growth as an increase in actual output caused by factors including a reduction in unemployment and increases in productive efficiency, leading to a movement of a point inside the PPC to a point closer to the PPC  . ●Describe, using a PPC diagram, economic growth as an increase in production possibilities caused by factors including increases in the quantity and quality of resources, leading to outward PPC shifts.  Economic Growth Increase in the real quantity of goods and services produced within a country over a specific period of time. Economic Growth is measured using “Real” figures:●Real figures eliminate the impact of price changes on GDP●Real GDP will illustrate how much or little output produced in an economy changes in a given period.  Real GDP & Real GDP  per capita ● Real GDP  measures the total output in an economy.● Real GDP  per capita   total output of an economy per person●These figures are both important in analyzing Economic Growth. Both figures will vary. http://i.telegraph.co.uk/multimedia/archive/01796/Bric-GDP-graphic_1796645b.jpg
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