https://docs.google.com/document/d/18wc6v4ZIxn_F_ADZke7_dR6fj0S3S7ykA9n3I_aPHHc
/edit
2.5.1 causes of growth
- Factors which could cause economic growth
- The distinction between actual and potential growth
- The importance of international trade for (export-led) economic growth
2.5.2 output gaps
- Distinction between actual growth rates and long-term trends in growth rates
- Understanding of positive and negative output gaps and the difficulties of
measurement
- Use of an AD/AS diagram to illustrate an output gap (level of spare capacity) in
an economy
2.5.3 Trade (business) cycle
- Understanding of the trade (business) cycle
- Characteristics of a boom
- Characteristics of a recession
2.5.4 The impact of economic growth
- The benefits and costs of economic growth and the impact on:
- consumers
- firms
- the government
- current and future living standards
/edit
2.5.1 causes of growth
- Factors which could cause economic growth
- The distinction between actual and potential growth
- The importance of international trade for (export-led) economic growth
2.5.2 output gaps
- Distinction between actual growth rates and long-term trends in growth rates
- Understanding of positive and negative output gaps and the difficulties of
measurement
- Use of an AD/AS diagram to illustrate an output gap (level of spare capacity) in
an economy
2.5.3 Trade (business) cycle
- Understanding of the trade (business) cycle
- Characteristics of a boom
- Characteristics of a recession
2.5.4 The impact of economic growth
- The benefits and costs of economic growth and the impact on:
- consumers
- firms
- the government
- current and future living standards
