Chapter 8 class - Chapter 8 1. Increase in Real GDP a. Real...

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Chapter 8 1. Increase in Real GDP a. Real GDP per capital b. Increase over some time period c. Compared to i. GDP of 1. China – 1,410 Billion a. Real GDP – 1,110 per capita 2. Denmark – 212 Billion a. Real GDP – 33,750 i. Better living quality d. Percentage rate of growth e. Growth as a goal f. Arithmetic of growth: Rule of 70 i. 70 / Annual Percentage Rate of Growth g. Approximate number of years required to double real GDP = 70/ Annual percentage rate of growth 2. Economic Growth a. Growth in real GDP 1950-2005 i. Increased 6 fold ii. 3.4% per year b. Growth in US real GDP i. Increased more than 3 fold ii. 2.1 % per year c. Qualifications : data do not take into account i. Improved products and services ii. Added leisure
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iii. Other impacts (quality of living) 3. Modern Economic growth a. Began with the Industrial Revolution in late 1700’s b. Ongoing increased in living standards c. Social Change i. Females working d. Democracy e. Human lifespan doubled f. Began in Britain g. Has spread slowly
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Chapter 8 class - Chapter 8 1. Increase in Real GDP a. Real...

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