Government Objectives - Definitions and Basic Knowledge Questions 0.0 / 5 ? EconomicsGovernment ObjectivesGCSEAQA Created by: Pipkin Frédéric MarmadukeCreated on: 31-10-21 16:15 Short-run Economic Growth The actual annual percentage change in real national output. 1 of 7 Long-run Economic Growth An increase in the potential productive capacity of the economy. 2 of 7 Causes of Short-term Econ Growth Increase in aggregate demand or increase in short-run aggregate supply. 3 of 7 Causes of Long-run Econ Growth Increase in the long-run aggregate supply or a change in the quantity or quality of factors of production. 4 of 7 Benefits of Econ Growth People have a higher quality of life Increased exports Lower unemployment Reduced poverty 5 of 7 Costs of Econ Growth Increase in pollution Inflation - demand increases Scarce resources Inequality - gap between rich and poor could increase 6 of 7 Government policies to achieve Econ Growth Fiscal / Monetary / Supply side policy. 7 of 7
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