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EXTRA CHP 8

QuestionAnswer
Economic is defined as an increase in real GDP/real GDP per capita overtime
Widely held economic goal: Growth as it lessens the burden of scarcity(consume more today while producing more in the future)
Growth reasons Improve products and services/Added leisure/Other impacts
Economic growth started in the Industrial revolution when James Watt(Scottish) perfected an efficient steam engine in 1776
Modern economic growth has deeply affected Cultural/social/political arrangements
There is an Uneven distribution of Growth
economic growth-promoting institutional structures: Strong property rights/Patents and copyrights/Efficient financial institutions/Literacy and widespread education/Free trade/a competitive market system 6 main ones(there are others)
Demand Factor is used to get on the ppc
Demand factor happens when firms/gov expand their purchases of goods/services so as to provide a market for all the new output of its potential
Efficiency Factor Max satisfication and utility of scarce resources through full employment/economic efficiency(optimal point)
Production Possibilities Analysis Considers all 6 factors
Growth/expansion of ppc comes from supply factors
Labor inputs Employees plus average hours of work
Labor productivity Tech + Capital quantity + Edu + Allocative efficiency + Other
Growth accounting assesses increase in hours of work and labor productivity
Tech advances 40% of productivity
Quantity of Capital per worker 30% of productivity
Education/Training 15% of productivity
Improved resource allocation move workers from low to high productivity emploment(also comes from decreases in discrimination and tarrifs)
Core element of productivity speedup btw 1995-2010 microchip/microprocessor
Sources of increasing returns: More specialized inputs(trained workers), Spreading of developments costs over greater output(sell more), Simultaneous consumption(app needs to be created once to become popular), Network effects, learning by doing
increasing economy in 1995-2010 was also due to increasing global competition.
Higher growth rates = larger outward shift in ppc
Recent slow of growth could be due to High debt levels, overcapacity of equipment and production, Inernet apps don't generate measurable effects on GDP, tech progressed has stalled
Antigrowth view growth = pollution/environmental problems/more social problems like poverty/not sustainable growth
Created by: MathMatt
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