ECONOMIC GROWTH
Economic growth:
- Define economic growth as an increase in real GDP.
- Calculate the rate of economic growth from a set of data.
- Explain, using a production possibilities curve (PPC), economic growth as an increase in actual output.
- Explain, using a PPC diagram, economic growth as an increase in production possibilities.
- Explain, using an LRAS diagram, economic growth as an increase in potential output.
- Evaluate the view that increased investment is essential for achieving economic growth.
ACTIVITY 1: Read Chapter 11 (Section 11.1) in Tragakes and complete notes in the work book.
| economic_growth_lesson.pdf |
ACTIVITY 2: Watch the TED talk: New Thoughts On Capital in the 21st Century (Thomas Piketty). Take notes and add his thoughts to your own notes.
ACTIVITY 3: Optionally, watch the MRU video on the 'Solow Model', how much of the Solow Model do you recognize in the factors that affect the Long-run aggregate-supply curve (LRAS).
ACTIVITY 4: Answer the following 15 mark question from Paper 1:
Evaluate the view that increased investment is essential for achieving economic growth (15 Marks)
Check the mark scheme below to help you structure your answer:
Evaluate the view that increased investment is essential for achieving economic growth (15 Marks)
Check the mark scheme below to help you structure your answer:
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A sample Economics Paper 1: AKA the Essay's Paper - No don't answer this paper (unless you want to!!!)
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ACTIVITY 4: Complete the Kognity multiple choice test` on Economic Growth