Study sets matching "economic growth early"
Study sets
Diagrams
Classes
Users
The rise of the Industrial Revolution l…
The most profound economic development…
The Erie Canal revolutionized domestic…
The following pairs match inventions wi…
all of these choices are correct.
rise of the factory.
transfer of goods from New York to New Orleans along inland wa…
Samuel Slater -- standardized muskets
The rise of the Industrial Revolution l…
all of these choices are correct.
The most profound economic development…
rise of the factory.
Economic Growth
Deflationary Gap
Positive Consequences of Economic Growth
Negative Consequences of Economic Growth
Economic growth can be illustrated by a movement from a point…
An economy operating at the point showed on the right can be e…
Sometimes economies can experience non-inflationary growth due…
Higher incomes can be caused by an increase in work capacity.…
Economic Growth
Economic growth can be illustrated by a movement from a point…
Deflationary Gap
An economy operating at the point showed on the right can be e…
Economic growth SR
Economic growth
Factors which cause economic growth
Actual growth
An increase in real GDP
An expansion in the productive potential of the economy
-Increase in AD... -Improving labour force... -Improved technology... -…
-Percentage increase in a country's real GDP... -Caused by an inc…
Economic growth SR
An increase in real GDP
Economic growth
An expansion in the productive potential of the economy
Nationalism
Rush-Bagot Agreement
Convention of 1818
Adams-Onis Treaty
A strong feeling of pride in and devotion to one's country
Agreement that limited navel power on the Great lakes for both…
Set the official border between Canada and U.S. at the 49th pa…
1819 treaty between the United States and Spain in which Spain…
Nationalism
A strong feeling of pride in and devotion to one's country
Rush-Bagot Agreement
Agreement that limited navel power on the Great lakes for both…
GDP
Nominal GDP
Real GDP
Equation for real GDP
GDP is the value of all the goods and services produced in cou…
Nominal GDP is the value of all goods and services produced in…
Real GDP is nominal GDP adjusted for the changes in the price…
Real GDP= Nominal GDP/Price index * base year price index
GDP
GDP is the value of all the goods and services produced in cou…
Nominal GDP
Nominal GDP is the value of all goods and services produced in…
James Monroe
Luis de Onis
Simon Bolivar
Henry Clay
5th President of the United States. His election and the colla…
Spanish diplomat, John Quincy Adams began negotiations with hi…
Venezuelan statesmen known as "The Liberator", he freed Columb…
Speaker of the House of Representatives and political leader f…
James Monroe
5th President of the United States. His election and the colla…
Luis de Onis
Spanish diplomat, John Quincy Adams began negotiations with hi…
Mechanization of cotton production in t…
The geographic features that encouraged…
factories
This invention had the unintended conse…
A Northern economic zone, based around industry and paid worke…
Warm summers, mild winters, rich soil, and a long growing seas…
were something you would mostly see in northern states
Cotton Gin
Mechanization of cotton production in t…
A Northern economic zone, based around industry and paid worke…
The geographic features that encouraged…
Warm summers, mild winters, rich soil, and a long growing seas…
business cycle
depression
expansion
gross domestic product
A period of time when the economy grows followed by a period o…
When a recessions lasts a very long time (6 months or more)
The phase of a the business cycle when the economy grows
The total dollar value of all goods and services that are prod…
business cycle
A period of time when the economy grows followed by a period o…
depression
When a recessions lasts a very long time (6 months or more)
SR economic growth
LR economic growth
Determinants of SR growth
Determinants of LR growth
An increase in real GDP, based on a utilisation of unemployed…
An increase in the productive potential of the economy, throug…
Rise in AD.... Rise in AS.
Improvement in quantity or quality of the factor inputs: land,…
SR economic growth
An increase in real GDP, based on a utilisation of unemployed…
LR economic growth
An increase in the productive potential of the economy, throug…
Economic Growth
4 stages of economic cycle
Short run economic growth
Long run economic growth
Growth in the economy in the productive potential of an econom…
1) Boom/ Peak... 2) Recession/ trough/ slump/ depression... 3) Recov…
Percentage annual increase in a country's real GDP... 1) Using up…
Expansion of an economy's productive potential
Economic Growth
Growth in the economy in the productive potential of an econom…
4 stages of economic cycle
1) Boom/ Peak... 2) Recession/ trough/ slump/ depression... 3) Recov…
Aggregate Demand
Aggregate Supply
Appreciation of NZ$
Black Market
The total quantity of real output purchased at a given price l…
The total quantity of real national output produced at differe…
The value of the NZ dollar rises in terms of another currency
An illegal market that deals in banned products e.g. prohibite…
Aggregate Demand
The total quantity of real output purchased at a given price l…
Aggregate Supply
The total quantity of real national output produced at differe…
SHORT RUN ECONOMIC GROWTH
LONG RUN ECONOMIC GROWTH
CAUSES OF LONG RUN ECONOMIC GROWTH
TREND RATE
- growth of real output resulting from using available resourc…
- increase in economy's potential capacity of real output ... - i…
- increases in quality/quantity of FOP... - increased migration (…
- rate of growth of LRAS over time... - illustrates max potential…
SHORT RUN ECONOMIC GROWTH
- growth of real output resulting from using available resourc…
LONG RUN ECONOMIC GROWTH
- increase in economy's potential capacity of real output ... - i…
Actual vs Potential Growth
Purchasing Power Parity (PPI)
Limitations of Growth
Causes of Growth
Actual is an increase in the real incomes or GDP.... Potential is…
are when values are expressed in relation with the amount that…
- Doesn't account for black markets, if goods are being traded…
- Abundant supply of resources or factors of production e.g. B…
Actual vs Potential Growth
Actual is an increase in the real incomes or GDP.... Potential is…
Purchasing Power Parity (PPI)
are when values are expressed in relation with the amount that…
Manor system that developed under feuda…
Over time the manors became so self-suf…
A town must entail...
Tenant farming
towns
independence from the feudal system
-town charter(location, name, King's bargain, citizens, rights…
...
Manor system that developed under feuda…
towns
Over time the manors became so self-suf…
independence from the feudal system
GDP
Nominal GDP
Real GDP
Equation for real GDP
GDP is the value of all the goods and services produced in cou…
Nominal GDP is the value of all goods and services produced in…
Real GDP is nominal GDP adjusted for the changes in the price…
Real GDP= Nominal GDP/Price index * base year price index
GDP
GDP is the value of all the goods and services produced in cou…
Nominal GDP
Nominal GDP is the value of all goods and services produced in…
Cotton Gin
interchangeable parts
patent
factory system
a machine that removed seeds from cotton fiber
uniform pieces that can be made in large quantities to replace…
a document that gives an inventor the sole legal right to an i…
system bringing manufacturing steps together in one place to i…
Cotton Gin
a machine that removed seeds from cotton fiber
interchangeable parts
uniform pieces that can be made in large quantities to replace…
How is economic growth achieved?
What does the size of growth depend on?
How can growth be achieved?
What is actual growth?
Increases the components of aggregate demand
The size of the multiplier and also the shape of the AS
It increases in the quantity or improvements in the quality of…
The increase in real GDP
How is economic growth achieved?
Increases the components of aggregate demand
What does the size of growth depend on?
The size of the multiplier and also the shape of the AS
Gross Domestic Product
GDP Price Deflator
Economic growth
Fixed capital
The total market value of goods and services produced in Austr…
Used to convert nominal GDP statistics into real GDP
An increase in the real output of an economy
Includes machinery, factories and business premises
Gross Domestic Product
The total market value of goods and services produced in Austr…
GDP Price Deflator
Used to convert nominal GDP statistics into real GDP
Price level increases, GDP cannot be de…
Price level increases, GDP decreases
Price level decreases, GDP cannot be de…
price level decreases, GDP increases
In the long run, expansionary fiscal policy will cause price l…
In the long run, a negative supply shock will cause price leve…
In the long run, contractionary fiscal policy will cause price…
In the long run, an increase in inputs will cause price level…
Price level increases, GDP cannot be de…
In the long run, expansionary fiscal policy will cause price l…
Price level increases, GDP decreases
In the long run, a negative supply shock will cause price leve…
Northwest Ordinance
Mississippi Territory
Louisiana Purchase
Lewis and Clark Expedition
...divided the Northwest Territory into smaller territories an…
Included land west of Georgia all the way west to the Mississi…
...1803; largest land purchase; allowed US to pursue wealth wi…
...Meriwether Lewis and William Clark; looking for water route…
Northwest Ordinance
...divided the Northwest Territory into smaller territories an…
Mississippi Territory
Included land west of Georgia all the way west to the Mississi…
economic growth
four main objectives of Government macr…
reducing unemployment
equilibrium in balance of payments
an increase in the productive potential of an economy
- reducing unemployment ... - keeping inflation low... - equilibrium…
if more people are employed - more productive - AD increases a…
gov't want earnings from exports and other inward flows of mon…
economic growth
an increase in the productive potential of an economy
four main objectives of Government macr…
- reducing unemployment ... - keeping inflation low... - equilibrium…
Economic growth SR
Economic growth
Factors which cause economic growth
Actual growth
An increase in real GDP
An expansion in the productive potential of the economy
-Increase in AD... -Improving labour force... -Improved technology... -…
-Percentage increase in a country's real GDP... -Caused by an inc…
Economic growth SR
An increase in real GDP
Economic growth
An expansion in the productive potential of the economy
Business Cycle
Output Gap
Recession
Productivity
A phenomenon whereby GDP fluctuates around its underlying tren…
The difference between actual GDP and potential real GDP.
Occurs when GDP falls for two or more consecutive quarters.
A measure of the efficiency of a factor of production.
Business Cycle
A phenomenon whereby GDP fluctuates around its underlying tren…
Output Gap
The difference between actual GDP and potential real GDP.
aggregate production function
base period
capital deepening
compound growth rate
the process whereby an economy as a whole turns economic input…
time period used for comparative ... analysis; the basis for inde…
an increase by society in the average level of physical and/or…
the rate of growth when multiplied by a base that includes pas…
aggregate production function
the process whereby an economy as a whole turns economic input…
base period
time period used for comparative ... analysis; the basis for inde…
Variables of the solow growth model
Per worker variables of the solow growt…
Per worker production function
Steady state
Nt = population at time ... t = employed workers at time t [whole…
yt = Yt / Nt = output per worker at time t... kt = Kt / Nt = capi…
- yt = f(kt)... - As kt increases yt increases (upward sloping cu…
when output per worker (y), consumption per worker (c), and ca…
Variables of the solow growth model
Nt = population at time ... t = employed workers at time t [whole…
Per worker variables of the solow growt…
yt = Yt / Nt = output per worker at time t... kt = Kt / Nt = capi…