Economic Growth (Grade 11 NSC Matric Economics): Flashcards
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Economic growth meaning
Economic growth meaning
Country's ability to produce goods & services increases
Growth measurement excluding inflation effects
Growth measurement excluding inflation effects
Real terms
Why use GDP per capita for country comparisons
Why use GDP per capita for country comparisons
Accounts for population differences between countries
4 main drivers of economic growth
4 main drivers of economic growth
Capital, labour productivity, raw materials, technology
Standard of living
Standard of living
How well people live in an area or social class
Per capita GDP calculation
Per capita GDP calculation
Limitation: per capita GDP is an average
Limitation: per capita GDP is an average
Misleading if income distributed unequally
South Africa's typical growth rate
South Africa's typical growth rate
2-3%
China's growth rate in some periods
China's growth rate in some periods
Over 10%
5 factors determining standard of living
5 factors determining standard of living
Growth, population, employment, government, security