11.1.10 - 11.1.2010 Economic Growth Economic Growth...

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Economic Growth Economic Growth Increase in Real GDP or real GDP per capita over some time period Percentage rate of growth Real GDP per capita – found by dividing real GDP by the size of the population Growth as a Goal Arithmetic of Groath Rule of 70 - Growth in the United States Improved products and services Added leisure Other impacts Modern Economic Growth Began with the Industrial Revolution in the late 1700s Ongoing increases in living standards Time for leisure Social change Democracy Human lifespan doubled Began in Britain => spread slowly Institutional Structures That Promote Growth Strong property rights Patents and copyrights Efficient financial institutions Literacy and widespread education Free trade Competitive market system Ingredients of Growth Supply Factors Increases in quantity and quality of natural resources Increases in quality and quantity of human resources
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11.1.10 - 11.1.2010 Economic Growth Economic Growth...

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