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Economic Growth

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

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  1. Economic Growth Frederick University 2014

  2. 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

  3. Conditions for Economic Growth • natural conditions • institutional conditions • political conditions • foreign environment

  4. Factors of Economic Growth • quantity and quality of labor force • quantity and quality of capital • technological, structural and organizational changes in the economy.

  5. Types of Economic Growth • Extensive growth • Intensive growth

  6. 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

  7. Actual vs. Potential Growth • Actual growth – actual increase in GDP • Potential growth – increase in the estimated potential GDP

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