Economics (Fach) / Production and growth (Lektion)
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Production and growth
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- A nation’s standard of living is determined by the productivity of its workers.
- Productivity refers to the amount of goods and services produced for each hour of a worker’s time. A nation’s standard of living is determined by the productivity of its workers.
- Living standards, as measured by real GDP per person,
- The trend rate of growth is: The average sustainable rate of economic growth over a period of time.
- The trend rate of growth is: he average sustainable rate of economic growth over a period of time. Found by taking GDP in some time period, subtracting GDP from an earlier time period, dividing the result by the initial time period and expressing the figure as percentage. TREND GROWTH= GDPt2 - GDPt1 / GDP t1 X 100
- The inputs used to produce goods and services are called the factors of production
- Labour productivity is relatively high Labour productivity is also very low There is strong economic growth There is weak economic growth