Economic Growth
Measurements
Measurements
What does GDP stand for?
Encouragement of innovation and technology is an advantage or disadvantage of economic growth?
Advantage
Name the two types of policy governments use to assist with economic growth.
Demand-side and Supply-side
Which entity is usually responsible for removing obstacles that make it difficult to do business in a country.
The Government
How many member OECD countries exist?
38
Economic growth is measured by GDP and GDP per what?
GDP per capita
True or False:
Workforce skills and productivity inhibits economic growth
False
Cutting interest rates (monetary policy) is a demand-side or supply-side policy?
Demand-side policy
What is labour-intensive work?
Refers to tasks or processes that require a significant amount of human effort and manual labor to accomplish.
Give two types of economies.
Emerging
Transitional
Developed
What is this equation used to calculate?
C + I + G + NX
Gross Domestic Product
This GDP calculation adjusts for inflation or deflation.
Real GDP
Managing trade unions is a demand-side or supply-side policy?
Supply-side policy
The proportion of machinery costs are higher than any of the other factors of production, including labour.
Give the type of economy for a country with a high level of wealth and resources available to its residents or citizens.
Developed
Name the two types of GDP?
Real and Nominal GDP
This measures the total value of all final goods and services produced within a country in a given period using current market prices.
Nominal GDP
Which policy aims to increase the productive capacity of the economy?
Supply-side policy
Give one way for the government to make it easier to do business.
What does the OECD stand for?
The Organisation for Economic Co-operation and Development
This measures the average economic output per person; an indicator of the standard of living.
GDP Per Capita
What is the key difference between Real and Nominal GDP?
How they account for changes in price (inflation or deflation) over time
The use of which policy can lead to inflation?
Demand-side policy
Name the four factors of production.
Land, labor, capital and entrepreneurship.
What do these countries have in common?
Brazil
Indonesia
South Africa
People's Republic of China
India
OECD key partner countries