Measuring economic growth

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  • Created by: Jess
  • Created on: 18-04-14 14:26

Measuring economic growth

  • Production: When rGDP rises it means output has risen
  • Productivity: Labour productivity (output per worker hour) - if productivity rises by more than wages, then labour costs will fall and a country can become more price competitive 

A04: production & productivity can move in opposite directions, as when the economy is expanding production will rise. However, less skilled workers can be recruited to make…

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