Economic growth (Pack 6)

• What do diagrams illustrate in the context of economic growth?

  Actual and potential growth differences
• What are the types of demand-led growth?

  Consumer demand and investment demand
• What are the key features of the four stages of the trade cycle?

  Expansion, peak, contraction, and trough
• What are the benefits of economic growth?

  • Increased employment opportunities
  • Higher income levels
  • Improved public services
  • Enhanced living standards
  • Greater investment in infrastructure
• What are the drawbacks of economic growth?

  • Environmental degradation
  • Income inequality
  • Resource depletion
  • Inflationary pressures
  • Overdependence on growth
• What are the two main ways of measuring economic growth?

  Real GDP and nominal GDP
• What is the difference between real and nominal GDP?

  Real GDP is adjusted for inflation
• What does GDP per capita indicate?

  Average economic output per person
• Why is GDP per capita useful?

  It provides a standard of living measure
• What does it mean if GDP is adjusted for PPP?

  It accounts for cost of living differences
• What are the limitations of GDP as a measure of economic growth?

  It ignores income distribution and non-market activities
• What does the term "GNI" stand for?

  Gross National Income
• What is the subjective happiness measure in economics?

  It assesses individual well-being and satisfaction
• What indicators might be used to measure national happiness?

  Surveys and quality of life assessments
• What is the Eastern paradigm in economics?

  A perspective focusing on holistic development
• What does the term "GNIs" refer to?

  Gross National Incomes
• What is the significance of measuring changes in living standards?

  It reflects the overall economic health
• What does the term "economic growth" imply?

  Increase in the production of goods and services
• What is the relationship between GDP and economic growth?

  GDP growth indicates economic expansion
• What does the term "living standards" encompass?

  Quality of life and economic well-being
• What is the purpose of measuring economic growth?

  To assess the health of an economy
• What does the term "economic indicators" refer to?

  Statistics that provide information about economic performance
• What is the significance of the Eastern paradigm in economic discussions?

  It emphasizes holistic and sustainable development
• What does the term "subjective happiness" measure in economics?

  Individual well-being and life satisfaction
• What is the importance of understanding economic growth limitations?

  To develop more comprehensive economic policies
• What does the term "economic growth" imply in a broader context?

  Improvement in living standards and quality of life
• What does the Eastern paradigm suggest about economic growth?

  It advocates for sustainable and inclusive growth
• What does the term "GNI" measure?

  Total income earned by a nation's residents
• What is the significance of measuring subjective happiness in economics?

  It provides insights into societal well-being
• What does the term "economic indicators" include?

  Various statistics reflecting economic performance
• What is the relationship between GDP and living standards?

  Higher GDP often correlates with better living standards
• What does the term "economic growth" imply for a nation?

  Increased production and improved living conditions
• What does the Eastern paradigm emphasize in economic discussions?

  Holistic approaches to development
• What is the importance of understanding economic growth limitations?

  To create more effective economic policies
• What does the term "economic growth" imply in a broader context?

  Improvement in living standards
• What does the Eastern paradigm suggest about economic growth?

  Advocates for sustainable and inclusive growth
• What does the term "GNI" measure?

  Total income of a nation's residents
• What is the significance of measuring subjective happiness in economics?

  Insights into societal well-being
• What does the term "economic indicators" include?

  Statistics reflecting economic performance
• What is the relationship between GDP and living standards?

  Higher GDP correlates with better living standards