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latest Student - 08 - Economic Growth.pdf 2020
- Exam (elaborations) • 22 pages • 2021
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Economic growth is a sustained expansion of production possibilities
measured as the increase in real GDP over a given period
Economic growth rate is the annual percentage change of real GDP
– Real GDP G.R =
Real GDP in current year −Real GDP in previous year
Real GDP in previous year X100
– OR gy (t − 1,t) = Yt−Yt−1
Yt−1
¬ gy (t − 1,t) is the GDP growth rate from period t-1 to period t
¬ Yt is the GDP in ye
Exam (elaborations)
latest Student - 08 - Economic Growth.pdf 2020
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ago
Economic growth is a sustained expansion of production possibilities measured as the increase in real GDP over a given period Economic growth rate is the annual percentage change of real GDP – Real GDP G.R = Real GDP in current year −Real GDP in previous year Real GDP in previous year X100 – OR gy (t − 1,t) = Yt−Yt−1 Yt−1 ¬ gy (t − 1,t) is the GDP growth rate from period t-1 to period t ¬ Yt is the GDP in ye
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