ECN 204 Chapter Notes - Chapter 6: Aggregate Demand, World Trade Organization, Dont
Document Summary
6. 1 economic growth: economists define and measure economic growth as either, an increase in real gdp occurring over some time period, an increase in real gdp per capita occurring over some time period. The real gdp per person, found by dividing real gdp by a country"s population. growth is a widely held economic goal: some critics, but more agree with the desired results of economic growth and the resultant increase in the standard of living. growth lessens the burden of scarcity: bigger pie generally means most get a bigger piece. The historically recent phenomenon in which nations have experienced sustained increases in real gdp per capita starts with the industrial revolution about 250 years ago. modern economic growth has spread slowly from its british birthplace. First advanced to france, germany, and other parts of western europe in the early. 1800s before spreading to canada, usa, and australia by the late 1800s.