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[DOC File]CHAPTER 2: THINKING LIKE AN ECONOMIST
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Economic development. Economic growth – increase in real output of an economy over time . Sources of economic growth . Natural factors . Anything that could increase the quantity / quality of a FOP should lead to an increase in potential growth
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[DOCX File]Economic development
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– the branch of economics which studies the functioning and performance of a society’s economy as a whole (often with a focus on levels of and changes in aggregate measures such as the unemployment rate, inflation rate, and Gross Domestic Product growth rate).
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[DOCX File]Preliminary Economic Concepts and Principles:
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IB Economics - Glossary of terms . This resource is designed to help . you. make accurate use of specialist economics terms in your work. It is up to you how much use you make of it.
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[DOC File]Economics of development
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Economic Growth: (“ Economics” – Chapter. s 8 and 9) How can we define and what leads to economic growth? Economic Growth and Development around the World: “Economic Growth” and “Development” are desirable goals for all societies (i.e., people in all countries would prefer a higher standard of living for their current generation ...
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Hence, while the average growth rate gives a sense of growth over the whole period, the yearly changes enable us to identify specific times when economic growth was strong and times when it was weak. Chart 1: Level and growth of real GDP . Source: Economic and Labour Market Review (ELMR), National Statistics
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[DOC File]IB Economics Glossary of terms
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Ricardo was the forerunner of modern economists and his ideas on economic growth have been adopted. They are as follows: 1. Agricultural development: Ricardo emphasized the importance of agricultural development in economic growth, because industrial development depends on it.
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[DOC File]Economic growth: What factors matter - Economics Network
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2/ What is the formula for calculating economic growth? 3/ a. What are the costs and benefits of economic growth? b. What are 2 limitations of Real GDP as a measure of Economic Growth. 4/ What are the 2 main causes/sources of economic growth? 5/ Using a PPC explain how economic growth is achieved. 6/ Using an AD and LRAS diagram.
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[DOCX File]Cross Country Comparison of Macroeconomic Outcomes and ...
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An economic growth theory that posits humans' desires and unlimited wants foster ever-increasing productivity and economic growth. The new growth theory argues that real GDP per person will perpetually increase because of people's pursuit of profits.
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[DOC File]MACROECONOMICS
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Thus economic growth is related to a quantitative sustained increase in the countries per capita output or income accompanied by expansion in its labour force, consumption, capital and volume of trade. On the other hand, economic development is a wider term; it is related to quantitative changes in economic wants, goods, incentives and institutions.
what is the definition of economic growth

[DOC File]Linear-stages-of-growth model
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It can be used to demonstrate key concepts in economics: efficiency. tradeoffs. opportunity cost. economic growth. Definition of efficient - the economy is getting all it can from the scarce resources it has available. Definition of opportunity cost - the cost of what you give up to get something else Microeconomics vs. Macroeconomics
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Economic growth definition economics