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Guided Notes - Growth

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486 views5 pages

Guided Notes - Growth

Uploaded by

yogurtkingyahoo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Growth

Glossary
TERM DEFINITION
economic growth a rise in a nation's total productivity and revenue
productivity
export
import
unemployment rate
invest to spend money on something with an expectation of future monetary gain
assembly line
life expectancy
literacy rate

Objective
In this lesson, you will

Technology and Productivity


Factors that lead to the economic growth of a country:
increases in capital

increases in _____________________

increases in trade

increases in _____________________

Economic Growth
Economic growth is an _____________________ in a country’s _______________________ of goods and
services for sale. An ____________________ in gross domestic product (GDP) indicates
_____________________ growth.
GDP is the total _________________ value of all the finished goods and services __________________
in a country in a given period. The GDP value includes the goods sold ________________ the country
and ____________________ goods.
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GDP does does not include transactions of the following:
 Imported goods.
 Parts produced to manufacture final products.

Production Possibility Curve (PPC)


A nation’s PPC shows what and how much a nation
can produce considering the constraints of resources.

Major Signs of Economic Growth

The most ____________________ sign of economic growth is an


_________________ in production levels. A ________________ capacity for
Increase in production causes the production possibilities curve (PPC) to shift to the
Production
____________. On a graph, this shift shows up as an outward movement of the PPC
(the curve line on the graph) and indicates a rise in the national GDP.

As companies _________________ more goods, they begin to ___________ higher


Rise in Stock Prices
revenues. Higher __________________ cause stock ______________ to rise.

When an economy _______________, more people find jobs and the


Growth in
Employment unemployment rate ____________________.

Having _______________ and stable incomes enables citizens to


Growth in __________________ more goods. Higher consumption can mean more
Consumption
_______________________ for businesses.

Investment in Physical Capital


Physical capital includes all the ______________, infrastructure, and __________________ used in the
process of production.

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(The table is organized by columns. Each column relates to the image on the tutorial slide and at the top of
each column)

 Technology Infrastructure

Japan’s growth after World War II


Tools

Improvements in technology can Mechanization involved using


is a good example of how
greatly _________________ the ________________ for work that
investment in ________________
quality and quantity of goods and humans or ________________
capital can lead to economic
services ________________. previously did.
__________________.

To recover, the Japanese The shift to machines powered by


Advancements in government _________________ water, ___________, and steam
______________________ drive money in these industries: _______________ production
competition and growth. coal, ______________, electric costs, improved efficiency, and
power, automobile, chemical increased productivity.

The Japanese government


__________________ investment
in ________________ equipment Mechanization led to the creation
and imported advanced of ____________________.
technologies to modernize its
industries.

Henry Ford’s use of the Increased productivity will lead to


_____________________ line for an ___________________ in GDP
building cars is another example (gross domestic product) and a
of how ______________________ PPC (production possibilities
in technology benefited an curve) that shifts to the
economy. ________________.

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Human Capital
Human capital is the ________________, ______________________, and experience possessed by
_________________ that add value to a company.

Human capital is _____________________ for the ______________________ of goods and services.

Investment in Health
If the citizens of a nation are strong (active) and _________________, they will be able to use their
professional skills ___________________________ and contribute to the economy.

If the population is ______________________, the nation has a weak and unreliable ____________________.
For employers, that means employee absenteeism, loss of _______________________, and loss of revenue.
Widespread ________________ of productivity hampers the nation’s economic _________________.

Examples of Examples of
Health Education
Investment Investment

✓ by providing free or subsidized ✓ by providing ____________-


______________ care quality education and
✓ by providing medical professional skills training
__________________ ✓ by making ________________
✓ by providing ____________ free
health checkups ✓ by increasing the literacy rate
✓ by providing _____________- ✓ by supporting pursuit of a
management programs higher education or additional
✓ by encouraging healthy work- _________________
_______________ balance ✓ by facilitating vocational
training

International Trade and Economic Growth

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As international trade has _____________________ around the world, so have economic
________________ rates. When the ___________________ for goods increases in international
markets, producers want to increase _________________. As a result, producers must hire more
___________________ and __________________ more capital to create and sell those goods. With the sale
of more goods, ___________________ increases, which leads to ____________________ growth.

Nations trade with each other to _______________ economic growth


and fulfill the domestic ___________________ for goods. Trade
includes both ____________________ and _________________
goods.

Exporting goods is an avenue for earning __________________ and driving economic __________________.
Trade agreements create additional __________________ for goods, which leads to more production,
employment opportunities, higher revenues, and a subsequent _________________in GDP (gross domestic
product).

Summary
Explain how international trade, human capital, and physical capital can lead to economic growth.

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