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What's Good and Bad About Economic Growth?

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Jess ł

27/06/2023

Economics

macro economics OCR mindmap summary notes (GCSE)

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Economics

What's Good and Bad About Economic Growth?

The economic growth and macroeconomic factors affecting GDP and employment, with detailed analysis of benefits, disadvantages, and key economic indicators.

• Factors influencing macroeconomic growth include government spending, technological advancement, workforce size, and international trade dynamics
• The impact of government spending on GDP is significant through infrastructure projects like HS2 Rail and public services
• Economic growth benefits and disadvantages range from improved living standards to environmental concerns
• Key economic indicators include GDP, unemployment rates, and government objectives for stable economic growth
• Comprehensive analysis of unemployment types and their societal impacts

...

27/06/2023

350

Improve education! Allows same workeer to produce more good at higher value government spending ! HS2 Rail ↑ requining workers machine ander

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Page 2: Inequality and Unemployment Analysis

This section delves into the relationship between economic inequality and unemployment, examining their interconnected impacts on society and the economy.

Definition: Unemployment is measured through the claimant count, which records the number of people claiming unemployment-related benefits.

Highlight: Consequences of inequality include reduced employability, depression of skills, and poor education outcomes.

Example: Seasonal unemployment occurs in industries like farming and tourism, where work is only available during specific times of the year.

Vocabulary: Inequality of opportunity refers to the disparity in access to education and career advancement based on socioeconomic background.

Quote: "Increased poverty and welfare benefit dependency leads to extra demand on NHS due to stress."

Improve education! Allows same workeer to produce more good at higher value government spending ! HS2 Rail ↑ requining workers machine ander

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Page 3: Economic Indicators and Policy Objectives

[Note: No content provided for page 3]

Improve education! Allows same workeer to produce more good at higher value government spending ! HS2 Rail ↑ requining workers machine ander

View

Page 4: Economic Growth and Development

[Note: No content provided for page 4]

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Economics

What's Good and Bad About Economic Growth?

user profile picture

Jess ł

@jvzz

·

2 Followers

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The economic growth and macroeconomic factors affecting GDP and employment, with detailed analysis of benefits, disadvantages, and key economic indicators.

• Factors influencing macroeconomic growth include government spending, technological advancement, workforce size, and international trade dynamics
• The impact of government spending on GDP is significant through infrastructure projects like HS2 Rail and public services
• Economic growth benefits and disadvantages range from improved living standards to environmental concerns
• Key economic indicators include GDP, unemployment rates, and government objectives for stable economic growth
• Comprehensive analysis of unemployment types and their societal impacts

...

27/06/2023

350

 

10/11

 

Economics

6

Improve education! Allows same workeer to produce more good at higher value government spending ! HS2 Rail ↑ requining workers machine ander

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Page 2: Inequality and Unemployment Analysis

This section delves into the relationship between economic inequality and unemployment, examining their interconnected impacts on society and the economy.

Definition: Unemployment is measured through the claimant count, which records the number of people claiming unemployment-related benefits.

Highlight: Consequences of inequality include reduced employability, depression of skills, and poor education outcomes.

Example: Seasonal unemployment occurs in industries like farming and tourism, where work is only available during specific times of the year.

Vocabulary: Inequality of opportunity refers to the disparity in access to education and career advancement based on socioeconomic background.

Quote: "Increased poverty and welfare benefit dependency leads to extra demand on NHS due to stress."

Improve education! Allows same workeer to produce more good at higher value government spending ! HS2 Rail ↑ requining workers machine ander

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Access to all documents

Improve your grades

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By signing up you accept Terms of Service and Privacy Policy

Page 3: Economic Indicators and Policy Objectives

[Note: No content provided for page 3]

Improve education! Allows same workeer to produce more good at higher value government spending ! HS2 Rail ↑ requining workers machine ander

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Page 4: Economic Growth and Development

[Note: No content provided for page 4]

Improve education! Allows same workeer to produce more good at higher value government spending ! HS2 Rail ↑ requining workers machine ander

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Page 1: Macroeconomic Growth and GDP Components

This page explores the fundamental aspects of economic growth and its various components. The content focuses on factors that drive economic growth and their implications for the broader economy.

Definition: GDP (Gross Domestic Product) represents the total value of goods and services produced within a country in one year.

Highlight: The GDP equation is composed of C (Consumption) + I (Investment) + G (Government Spending) + NX (Net Exports).

Example: Major components of the UK economy include finance and banking, IT, construction, manufacturing, and government services.

Vocabulary: Economic growth is measured as the percentage change in GDP over time.

Quote: "Economic growth benefits include rise in living standards, GDP increase leads to higher earnings."

Can't find what you're looking for? Explore other subjects.

Knowunity is the #1 education app in five European countries

Knowunity has been named a featured story on Apple and has regularly topped the app store charts in the education category in Germany, Italy, Poland, Switzerland, and the United Kingdom. Join Knowunity today and help millions of students around the world.

Ranked #1 Education App

Download in

Google Play

Download in

App Store

Knowunity is the #1 education app in five European countries

4.9+

Average app rating

20 M

Pupils love Knowunity

#1

In education app charts in 17 countries

950 K+

Students have uploaded notes

Still not convinced? See what other students are saying...

iOS User

I love this app so much, I also use it daily. I recommend Knowunity to everyone!!! I went from a D to an A with it :D

Philip, iOS User

The app is very simple and well designed. So far I have always found everything I was looking for :D

Lena, iOS user

I love this app ❤️ I actually use it every time I study.