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Economic Growth. Frederick University 2014. Definitions. Economic growth – an increase in the potential of the economy to produce Economic growth – a shift in the institutional PPF Economic growth – a shift in the LRAS curve Economic growth – an increase in the potential GDP.

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economic growth

Economic Growth

Frederick University

2014

definitions
Definitions
  • Economic growth – an increase in the potential of the economy to produce
  • Economic growth – a shift in the institutional PPF
  • Economic growth – a shift in the LRAS curve
  • Economic growth – an increase in the potential GDP
conditions for economic growth
Conditions for Economic Growth
  • natural conditions
  • institutional conditions
  • political conditions
  • foreign environment
factors of economic growth
Factors of Economic Growth
  • quantity and quality of labor force
  • quantity and quality of capital
  • technological, structural and organizational changes in the economy.
types of economic growth
Types of Economic Growth
  • Extensive growth
  • Intensive growth
indicators of economic growth
Indicators of Economic Growth
  • rate of growth – the percentage increase in GDP
  • percentage increase in GDP per capita
  • increase in the rate of employment
  • percentage increase in fixed investment
  • increase in labor productivity
actual vs potential growth
Actual vs. Potential Growth
  • Actual growth – actual increase in GDP
  • Potential growth – increase in the estimated potential GDP