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This 1 page Class Notes was uploaded by Nikita Hendricks on Tuesday October 11, 2016. The Class Notes belongs to Econ2307 at 1 MDSS-SGSLM-Langley AFB Advanced Education in General Dentistry 12 Months taught by Dr. Ssozi in Fall 2016. Since its upload, it has received 12 views. For similar materials see Macroeconomics in Economics at 1 MDSS-SGSLM-Langley AFB Advanced Education in General Dentistry 12 Months.
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Date Created: 10/11/16
Real GDP per capita Inflationadjusted output per person; real GDP/population. Rule of 70 A method for determining the number of years it will take for some measure to double, given its annual percentage increase. Example: To determine the number of years it will take for the price level to double, divide 70 by the annual rate of inflation. Modern economic growth The historically recent phenomenon in which nations for the first time have experienced sustained increases in real GDP per capita. Leader countries As it relates to economic growth, countries that develop and use advanced technologies, which then become available to follower countries. Follower countries As it relates to economic growth, countries that adopt advanced technologies that previously were developed and used by leader countries. Supply factors An increase in the availability of a resource, an improvement in its quality, or an expansion of technological knowledge that makes it possible for an economy to produce a greater output of goods and services. s
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