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Level 1

Economic Growth


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Economic growth
An increase in the productive capacity of the economy
Gross Domestic Product
A way of measuring the size of an economy, by adding up the value of all the goods and services produced in an economy
Real GDP
A measure of GDP that takes into account the effects of inflation.
Nominal GDP
A measure of GDP that does not take into account the effects of inflation.
Production Possibility Frontier
A diagram that show the productive capacity of the economy. A shift out of the PPF is a way of illustrating economic growth.
Informal Economy
Illegal activity within an economy which is untaxable but also leads to GDP figure underestimating economic activity.
GDP per capita
A measure of living standards that divides GDP by population.
Subsistence
Economic activity that involves families and communities producing for themselves and is unlikely to form part of official GDP statistics.
Income distribution
How income is divided between different groups in an economy. This can lead to GDP per capita being misleading if much of an economy's income is in the hands of a relatively small number of people.
Green GDP
An alternative measure of GDP which takes into account the negative long-term impacts of environmental degradation.