A broader measure of inflation is the GDP deflator and measures the inflation rate at which all domestically produced goods and services change. There is a distinction to be made between …

Definition mark: Economic growth is the increase in real GDP Explanation: Government can use two ways of increasing economic growth; supply side policies and fiscal policies. point 1: Providing …

SHort term growth would be shown by any movement along the x-axis (real GDP), and Long term growth shown by a shift to the right of the LRAS (long-run aggregate supply) curve.

A recession is the phase of the economic cycle, after a boom, during which real GDP starts to fall and unemployment starts to rise. It is two successive quarters of negative economic growth. The UK's …

Definition of:Long-term economic growth - the sustained increase in output in an economy measured by an increase in real GDP over a period of timeFiscal policy - it is the use of government expenditure …

Actual Output can be defined as the growth in the quantity of goods and services produced in a country, or in other words the percentage chance in GDP. While Potential Output is the change in the …

How does actual economic growth differ to potential economic growth? Actual economic growth can also be known as demand side economic growth because it is affected by changes in the demand in an …

How does an increase in interest rates affect real GDP? An increase in interest rates increases the incentive to save, as the reward for saving is now higher. So, saving in the economy is likely to …

This is an important distinction between living standards and economic growth. 3) GDP must also be adjusted for differing costs of living in countries, inflation, and population size. This is done by using …

Economic growth is defined as an increase in the productive potential of an economy. It is measured in percentage growth of GDP (Gross Domestic Product), year on year. India's rate of economic growth …