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Economic growth means an increase in real GDP – which means an increase in…
Economic growth means an increase in real GDP – which means an increase in the value of national output/national expenditure.
Economic growth is an important macro-economic objective because it enables increased living standards, improved tax revenues and helps to create new jobs.
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Productivity
A key factor in enabling economic growth in the long-term is productivity. Productivity is output per worker.
If there is the development of new technology (computers, machines), it means workers will be able to do produce more.
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