Lecture Notes 8

Lecture Notes 8 - Chapter 8 Economic Growth What is...

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Chapter 8 Economic Growth What is economic growth? And what does it mean? Increase in standard of living It lessens the burden of scarcity How do we measure economic growth? 1. an increase in real GDP over a period of time 2. an increase in real per capita GDP over a period of time Economic Growth is defined as and calculated as a % rate of growth per quarter (3-months) For example, the rate of growth for the United States (real GDP) grew at the following rates: % Growth % Growth Year Quarter Real GDP Difference Quarterly Difference Annually 2010 1 $12,937.70 2 $13,058.50 $120.80 0.93% 3 $13,139.60 $81.10 0.62% 4 $13,216.10 $76.50 0.58% 2011 1 $13,227.90 $11.80 0.09% $290.20 2.24% 2 $13,271.80 $43.90 0.33% $213.30 1.63% 3 $13,331.60 $59.80 0.45% $192.00 1.46% 4 $13,422.40 $90.80 0.68% $206.30 1.56% What is per capita GDP? United States Per Capita % Growth Year Quarter Real GDP Population GDP Difference Annually 2010 1 $12,937.70 309,774,000 $41,764.96 2 $13,058.50 309,774,000
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This note was uploaded on 02/24/2012 for the course ECON 180364203 taught by Professor Edwardmcdevitt during the Spring '09 term at UCLA.

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Lecture Notes 8 - Chapter 8 Economic Growth What is...

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