ADVANTAGES

The most commonly used definition of economic growth is simplyproducing more. (Later we will call this INCREASING REAL GDP.)When aneconomy increases its output it is often said to have achievedeconomic growth. But if by producing more we are simply ACHIEVING OURPOTENTIAL, then we could also say that it is REDUCING UNEMPLOYMENT orACHIEVING PRODUCTIVE EFFICIENCY. On our graph this would berepresented by moving from point D to a point on the curve: A, B, orC).

Testimonials

Satisfied customers are saying