Enhance Your Learning with Economics - Economic Growth Flash Cards for quick learning
An increase in the production and consumption of goods and services in an economy over a period of time.
The total value of all final goods and services produced within a country's borders in a specific time period, usually a year.
Gross Domestic Product divided by the total population of a country, providing an average measure of economic output per person.
The efficiency with which inputs (such as labor and capital) are used to produce outputs (goods and services). Higher productivity leads to economic growth.
The purchase of capital goods (such as machinery, equipment, and buildings) that are used in the production of goods and services. Investment is a key driver of economic growth.
Advancements in technology that lead to increased efficiency, productivity, and innovation in the production process. Technological progress is a major contributor to economic growth.
The knowledge, skills, and abilities of individuals that contribute to their productivity and economic output. Investing in education and training improves human capital and promotes economic growth.
The physical and organizational structures and facilities (such as roads, bridges, power plants, and communication networks) that are necessary for economic activity. Adequate infrastructure supports economic growth.
The exchange of goods and services between countries. International trade can stimulate economic growth by allowing countries to specialize in the production of goods and services in which they have a comparative advantage.
The process of identifying opportunities, organizing resources, and taking risks to create and operate a new business or venture. Entrepreneurship drives innovation and economic growth.
Actions and decisions taken by the government to influence economic conditions and promote economic growth. Examples include fiscal policy, monetary policy, and trade policies.
Development that meets the needs of the present without compromising the ability of future generations to meet their own needs. Sustainable development aims to achieve economic growth while preserving the environment and social well-being.
A sustained increase in the general price level of goods and services in an economy over a period of time. High inflation can hinder economic growth by reducing the purchasing power of consumers and eroding business confidence.
The state of being without a job, often measured as a percentage of the labor force. High unemployment rates can indicate a lack of economic growth and underutilization of resources.
The unequal distribution of income among individuals or households in an economy. High levels of income inequality can hinder economic growth and lead to social and political instability.
The state of being extremely poor, often characterized by a lack of basic necessities and limited access to resources and opportunities. Reducing poverty is a key goal of economic growth and development.
The increasing interconnectedness and interdependence of countries through the exchange of goods, services, information, and ideas. Globalization has both positive and negative impacts on economic growth.
The process of eliminating trade barriers and integrating economies to promote economic cooperation and growth. Examples include free trade agreements and regional economic blocs.
The process of transforming an economy from primarily agrarian to one based on manufacturing and industry. Industrialization is often associated with rapid economic growth and urbanization.
The cultivation of crops and the rearing of animals for food, fiber, medicinal plants, and other products used to sustain and enhance human life. Agriculture plays a vital role in economic growth and food security.
The sector of the economy that includes activities such as retail, hospitality, finance, healthcare, education, and professional services. The services sector is a major contributor to economic growth in many countries.
The sector of the economy that involves the production of goods through the transformation of raw materials into finished products. Manufacturing contributes to economic growth by creating jobs and generating value-added products.
The use of computers, software, networks, and electronic systems to store, process, transmit, and retrieve information. Information technology has revolutionized many industries and is a driver of economic growth.
The capacity to do work or produce heat. Energy is essential for economic growth as it powers industrial processes, transportation, and the provision of goods and services.
Materials or substances that occur naturally in the environment and can be used for economic gain. Natural resources, such as minerals, forests, and water, play a crucial role in economic growth and development.
The process of constructing, improving, and maintaining physical and organizational structures and facilities that support economic activity. Infrastructure development is essential for economic growth and competitiveness.