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April 12, 2016

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Title: AP MACRO MR. LIPMAN Author: noah lipman Last modified by: Administrator Created Date: 3/18/2012 11:14:50 PM Document presentation format: On-screen Show (4:3) – PowerPoint PPT presentation

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Title: April 12, 2016


1
April 12, 2016
  • Unit 5 Notes Economic Growth and Productivity
  • Unit 5 Practice Activities 6-1 through 6-3
  • No Vocab Quiz for Unit 5!
  • No Current Event Due this week!
  • Test Scores and Qtr. 3 Grades
  • Unit 5 Exam THIS THURSDAY! (Not a typo)

2
Long Run Economic Growth
  • Q What is the difference between SR and LR
    economic growth?
  • Long run economic growth occurs when a country
    can produce more of a good without having to give
    up another good or when a country can produce
    more overall.
  • On the AS/AD graph, long run economic growth is
    demonstrated by a rightward shift of the LRAS
    curve.

3
Long Run Economic Growth
  • 3 Important Sources of Long Run Economic Growth
  • Quantity and Quality of labor (improvements in
    education, training, health of workers, etc.)
  • Quantity and Quality of capital (Investment,
    research, development, etc.)
  • Level of technology
  • Increases in any of these will increase real GDP
    in the SR and the LR.

4
Economic Growth
  • Investing in the following factors contribute to
    a nations productivity and its economic growth
  • Human capital education and skills a worker
    possesses (only in the LR)
  • Physical capital Infrastructure
  • Technological Advancement
  • Natural Resources (subject to depreciation so use
    properly)
  • In addition to above list Government/Fed
    Policies
  • Government investments in any of the above can
    lead to LR Economic Growth.
  • Political Stability

5
Long Run Economic Growth
  • Economic Growth is measured by changes in Real
    GDP and/or by changes in Real GDP per capita.
  • Real GDP per capita is real GDP divided by the
    total population
  • Real GDP per capita measures Standard of Living
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