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National Budget

The National Budget, Growth and Economical Equalities

TermDefinition
Economic growth An increase in the real output of the economy
Recession Negative economic growth for two consecutive quarters
hort-run economic growth An increase in output that results from making use of spare capacity and unemployed labour
Long-term economic growth The average rate of economic growth sustained over a period of time
Real GDP per capita The total output of the economy in a year, divided by the size of the population, adjusted for inflation
PPF A diagram of a simplified economy showing the maximum combination of products that can be produced given maximum productive efficiency
Actual growth An increase in the productive potential of the economy, matched by an increase in demand
Potential growth An increase in the productive potential of the economy, not necessarily matched by an increase in demand
Output gap The difference between the actual level of GDP and the productive potential of the economy
Trend rate of economic growth The long-run average increase in GDP
Economic cycle The cyclical pattern of fluctuations in GDP from year to year
Productivity Output per unit of input
Four benefits of economic growth Increase standard of living Increased life expectancy Better healthcare and education Route out of absolute poverty
Four costs of economic growth Finite resources used up Environmental pollution Urbanisation Increased inequality
Four problems of using national income statistics Non-monetised economy The hidden economy The quality of goods and services Negative externalities
Sustainable economic growth Growth that does not impose costs on future generations
HDI An average between 0-1 of GNP per capita, life expectancy and educational attainment
ISEW Adjusts GDP figures on attempt to capture the cost of externalities
GPI Distinguishes between positive worth-while growth and negative uneconomic growth
Monetarism A branch of neo-classical economics that believes Inflation should be controlled by the money supply
Factors affecting LRAS Technological progress Attitudes and enterprise Macroeconomic policies Productivity Capital investment
Created by: rudolph.beukes
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