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Unformatted text preview: Economics Chapter 25 Economic Growth-pg 499An increase in real GDP occurring over some time period. An increase in real GDP per capita occurring over some period of time. Real GDP per capita-Inflation-adjusted output per person; real GDP/population Rule of 70-A method for determining the number of years it will take for some measure to double, given its annual percentage increase. Modern Economic Growth-The historically recent phenomenon in which nations for the first time have experienced sustained increases in real GDP per capita . Leader Countries-As it relates to economic growth , countries that develop and use advanced technologies, which then become available to follower countries . Follower Countries-As it relates to economic growth , countries that adopt advanced technologies that previously were developed and used by leader countries . Supply Factors- An increase in the availability of a resource, an improvement in its quality, or an expansion of technological knowledge that makes it possible for an economy to produce a greater output...
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This note was uploaded on 10/01/2010 for the course ECO 2013 taught by Professor Haroldj.vanboven during the Fall '09 term at Edison State College.
- Fall '09