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How do we measure long-term economic growth of a country? What are the key determinants of long-run economic growth? Give example

Aug 21st, 2015

Economic growth of a country is measured by the percentage rate of increase in GDP.

Key determinant: A sustained increase in total output or output per person for an economy over a long period of time. Determinants of long-run growth include growth of productivity, demographic changes, and labor force participation.

example: Rising house prices causing a rise in wealth and consumer spending

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Aug 21st, 2015

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Aug 21st, 2015
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