IB Economics Revision
What are some of the benefits to economic growth?
Economic growth reflects the increase in a country’s real GDP over a period of time. It can be caused by an increase in the quantity of resources, improvement of technology or a shift in the production possibilities frontier. Economic growth is beneficial as it indicates increased living standards.
Economic Growth-Base line definitions
Economic growth is the increase in the market value of goods and services produced by an economy over time. Factors that contribute to economic growth include technological advances, capital accumulation, and increases in labor specialization. Economic growth is important to maintain a healthy economy and to provide opportunities for citizens.
Economic Growth: An Overview
What are three main determinants of economic growth?
Brain break: Draw a pig flying a kite with floating ice-cream cones in bubbly sky
Work together in pairs: What are the main components of GDP growth and how do they affect economic growth?
Explain the difference between a recession and a depression
illustrate a business cycle model
Explain how expansionary fiscal policy might lead to Economic Growth
What is the difference between a Classical approach to economic growth and a Keynesian approach?