Learning objectives
Define economic growth as a rise in real GDP and calculate annual growth rates from national income data
Distinguish growth in nominal GDP from growth in real GDP and remove the effect of inflation from nominal figures
Explain the causes of economic growth, from higher aggregate demand to more and better factors of production, and show them on PPC and AD/AS diagrams
Analyse the consequences of growth for living standards, employment, inflation, the current account, the environment and the distribution of income
(A Level) Distinguish actual from potential growth, describe the phases of the business cycle and explain what makes growth sustainable
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