Economic Growth

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  • Economic Growth
    • Increase in National income over time.
    • Benefits
      • Increased income
      • More leisure time
      • Greater life expectancy
      • Better public service
    • Problems
      • Regional differences
        • Areas grow at different rates that = discontent
      • Enviromental damage
      • Unsustainable growth
        • Growth with non-renewable resources
          • Oil, gas
      • Inflation
        • Rate of inflation is in creasing to fast. So peoples wages cannot keep up with the rate of inflation.
    • GDP
      • Gross Domestic Product
      • iIt measures national income
      • National income is from wages, profits and interest.
      • Limitations of using GDP as a measure of growth
        • Inflation
        • Population changes
        • Statistical errors
        • The of home produced goods
        • Hidden ecconomy
        • GDP and living standards


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