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Summary AS Notes Economics Unit 2 Economic Growth
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AS Notes Economics Unit 2 Economic Growth Revision Notes
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GDP total value of goods1services produced by a country within giventime perioda
GDPper capitaGDP Limitations 9inGDP could havebeen through 9damage totheenvironment
population
Also could bemeasured through investment Failure to indicate whether rate of growth is sustainable
Failure to account for degree of inequality
GDP is regularly revised country withhigher GDP doesn'tmean everyone is wealthy
Moreaccurate representation ofstateofeconomy Makes no adjustment for leisure time
Make comparisons over time economy may have identical
standards
ofliving butdifferentworkglayero
Other national income measures
Gross National Income GM
total value of goods and services produced by a country over a period of time
plus net overseas interest payments and dividents odds of what country earns
from overseas investments
Gross National Product GNP
total value of goods and services produced by a country over a period of time
through labour or property supplied by citizens
Economic Growth
increase in value of the goods and services produced by an
economy
over time increase in the longterm productive potential of the country
measured by A Real GDP
Types of economic growth
Intensive growth when there is an increase in per capita income
Extensive growth when GDP growth is caused by increase inpopulation or territory
price n LRAS
Level
Pa
Ip sparecapacity 1 Economy is becoming less competitive
l l Abu l l AD due to a rise in inflation
i
AD1 Ab al AD
an 02 QsQu
play Nok lt economy has spare capacity extra outpu
GDP could be produced at little cost
AS elastic
Trade cycle Size of multiplier larger
Small increase in AD
Real n Boom Rnational income
GDP j
Longterm Ith If AD inelastic size of multiplier is smalle
r n
stump recovery ADT price9
slowdown
recession
bust 9in output will not besignificant
s
Time
Reffp
1h
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