Economic Growth

• What is economic growth?

  The increase in output the economy can produce over a period of time
• What is GDP (Gross domestic product)?

  The total value of goods and services in a country/economy over a period of time.
• Formula of GDP?

  Change in GDP/ Original GDP *100
• GDP Per Capita

  National output/Population size
• Real GDP

  Value of GDP adjusted for inflation
• Nominal GDP


  Value of GDP NOT adjusted for inflation