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Economic growth is an increase in the capacity of an economy to produce goods and services, compared from one period of time to another. It can be measured in nominal or real terms, the latter of which is adjusted for inflation. Traditionally, aggregate economic growth is measured in terms of gross national product (GNP) or gross domestic product (GDP), although alternative metrics are sometimes used.
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| —Investopedia
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There's a lot to think about there. This video should help.
Multiple factors can affect economic growth. To explore the concept further, read the following texts, and then work on the activity below.
WEnote
Search online and find the GDP of the country you are living in or of your home country.
Is the GDP increasing or decreasing? Can you find out why this is happening?
Share the GDP of the country you've chosen, what is currently happening with the GDP, and any commentary on this.
For example:
- The UK GDP fell to 0.3% from 0.7% in 2017. This was because of slowing employment, slow wage growth, and rising inflation. Brexit.
Post your comment(s) below, and then look on the course feed page to see what others have posted.
If you prefer, you can create a post on your learning journal blog. Be sure to label or tag your post IENT103.
Note: Your comment will be displayed in the course feed.
