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Macroeconomics
Semester 1
Lesson 15
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Created by
Matezik Sebestak
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Cards (23)
What is a powerful weapon against poverty?
Economic growth
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How do technical advances affect lifestyle?
They transform
ways of living
and working
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What does income growth facilitate in society?
Generosity to poorer members without
tax increases
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What are the potential costs of economic growth?
Opportunity Costs
Personal and Social Costs
Time Distribution of Costs
Negative Externalities
Growth and Happiness
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What is the opportunity cost of economic growth?
Investment in
capital goods
and
education
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What does economic growth require in terms of consumption?
Consuming fewer goods today for more
tomorrow
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What is a primary cost of economic growth?
Sacrifice of
current consumption
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What are personal costs associated with economic growth?
Reallocation of
resources
due to
innovation
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How did the industrial revolution affect skilled workers?
It destroyed jobs for skilled
textile workers
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What is meant by time distribution of costs in economic growth?
Future growth costs are borne
today
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What geographical disparities can arise from economic growth?
Regional
losers
and
gainers
from growth
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What negative externalities are associated with economic growth?
Increased
pollution
and environmental threats
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What types of pollution have increased due to economic growth?
Smoke
,
sewage
, chemical waste
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How has population growth affected pollution management?
It has overwhelmed natural
regenerative processes
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What does growth not necessarily lead to, according to surveys in the USA?
Increased happiness
among the population
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What did Keynes predict about work hours by 2000?
People could work a
3-day
week comfortably
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What has accelerated since 1945 regarding resource consumption?
Rapid
increase in consumption of resources
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What is a critical problem regarding technological advancement?
Timing
of technology to solve resource issues
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How do demands on renewable resources threaten them?
They disrupt
natural recuperative cycles
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What is a major issue with resource management?
Lack of defined
property rights
and
jurisdiction
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What are the conclusions regarding economic growth?
Economic growth has reduced
poverty
in
advanced countries
.
Problems like
starvation
and poverty persist.
Further growth is needed but must be sustainable.
Policy incentives
are required for environmentally friendly growth.
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What does sustainable growth require according to the conclusions?
Technical change
and
policy incentives
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Is there a guarantee that sustainable growth problems will be solved?
No
, but it's
not
impossible
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