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Possible causes of economic growth 1. Define what is meant by economic growth and how it is commonly measured? Economic growth is the change in potential output of the economy shown by a shift to the right of the production possibility frontier. Economic growth is usually measured by the change in real national income. In practice, national income can be measured in many ways, but growth statistics tend to be presented in terms of either a change in GDP or GNP. Growth must be measured in real terms because it is the change in the volume of goods and services that we are attempting to measure and not their monetary value. 2. Outline the possible causes of growth. Economic growth occurs when there is an increase in the quantity of quality of the factors of production or when they are used more efficiently. A government wishing to increase growth in the...

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