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Revision Notes A2 Economics




Definitions
Objectives
Measurements
Diagrams
Constraints of Economic Growth and Development
Costs of Economic Growth and Development



Definitions:
Economic Growth:

Is a steady growth in the productive capacity of the economy, resulting in a growth of
national income

Economic Development:

Is the sustained, concerted actions of policymakers…

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Revision Notes A2 Economics




Economic Growth:

o Gross Domestic Product: The Total value of goods produced and services
provided in a country over a year.
o Real GDP: is value of all final goods and services produced in a geographical
region, adjusted for inflation.
o Net National Product: The total…

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Revision Notes A2 Economics




HDI o Includes 3 indicators(GDP, o Equal weighting of the 3
Literacy, Life Expectancy) indicators
o Data available since 1990 o Omits environment
o Hard to give things
monetary values
o Only since 1990

HPI o Includes social measures o Focusses on
excluded by HDI deprivation…

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Revision Notes A2 Economics




AD/AS: Gini:




Constraints of Economic Growth/ Economic Development:
Economic Growth:

o Political instability
o Inadequate Infrastructure
o Industrial relations and Labour market rigidity
o Restricted access to finance
o Poor Macroeconomic management

Economic Development:

o Inefficiencies within the microeconomy.
o Imbalances in the structure of the…

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Revision Notes A2 Economics




Costs of Economic Growth/ Economic Development:
Economic Growth:

o Inflation (High)
o Increased Pollution an carbon emissions
o Income inequality can widen (long time for the trickledown effect to happen)
o Regional disparities
o Balance of Payments deficit

Economic Development:

o Consumerism
o Resource depletion
o…

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