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Economics 2.5.4

Economics- Edexcel 2.5.4

TermDefinition
benefits of economic growth higher living standards(lifts poverty)/raise employment or real incomes/fiscal dividend(raises tax revenues)/accelerator effect
costs of rapid economic growth risks of higher inflation and interest rates/environmental effects/inequalities of income and wealth
why is there a risk of higher inflation and interest rates because of rapid economic growth? demand-pull and cost-push inflationary pressures due to a positive output gap, banks raise monetary policy interest rates to control inflation, rising consumer spending on imports leads to increasing trade deficits as imports expand
why is there a risk of environmental effects because of rapid economic growth? negative externalities in production and consumption, risk of unsustainable extraction of finite resources
Kuznets curve often used to describe the relationship between economic growth and environmental quality
why is there a risk of inequalities of income and wealth because of rapid economic growth? higher level of inequality and social divisions, gains only go to a few people, no guarantee that it leads to improved well-being
why might growth lead to rapid increase in carbon and other emissions? rapid industrialisation, increasing emissions from urbanization, weak environmental laws & pollution regulations, limited technology or infrastructure, heavy reliance on ‘dirtier fuels’
sustainable growth growth that meets the needs of the present without compromising the ability of future generations to meet their own needs as it continues without lasting, permanent damage to the environment
de-coupling the separation of previously linked systems so that they may operate independently
Created by: jessharris
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