Economics Keywords AS Level

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  • Created by: Ilham
  • Created on: 12-09-13 19:01
Potential Growth
overall capacity of an economy, how much an economy can generate if it used up all its resources
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Nominal Growth
growth in output not including any adjustment for price changes, expressed as 'current prices'
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Real Growth
growth in GDP adjusted to take account of changes in price level, expressed as 'constant prices'
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Actual Growth
annual percentage increase in output
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Trend Growth
expected increase in potential output over time. Measure of how fast and economy can grow without generating inflation
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GDP (Growth Domestic Product)
Value of output of goods and services produced by the UK in one year
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GDP Per Capita
GDP divided by population
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Economic Growth (short run)
Increase in real GDP
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Economic Growth (long run)
Increase in productive potential of an economy
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Sustainable Economic Growth
Economic growth that can continue over time and does not affect future generations in ability to expand productive capacity
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Card 2

Front

growth in output not including any adjustment for price changes, expressed as 'current prices'

Back

Nominal Growth

Card 3

Front

growth in GDP adjusted to take account of changes in price level, expressed as 'constant prices'

Back

Preview of the back of card 3

Card 4

Front

annual percentage increase in output

Back

Preview of the back of card 4

Card 5

Front

expected increase in potential output over time. Measure of how fast and economy can grow without generating inflation

Back

Preview of the back of card 5
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