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MR04 Economic Growth - Coggle Diagram
MR04 Economic Growth
Benefits
Goods & Services
Tax Revenue
Employment
Environment
Standard of Living
Welfare
Costs
Non-renewable resources
Land
Pollution
Leisure
Inequality
Business cycle
Peak
Expansion
Recession
Negative growth
2 consecutive quarters
Fall in AD or AS
Demand Shock
AD
Shift
Left
PPF
Point move
Inwards
Supply Shock
LRAS
Shift
Left
PPF
Entire PPF
Shift Inwards
Trough
Output Gap
Negative
Actual Output < Potential Output
Recession
Unemployment
Higher
FOP
Underutilised
Recessionary/Deflationary Gap
Positive
Actual Ouput > Potential Output
FOP
Overtime
Economic Boom
Inflation
Inflationary Gap
Increase in output of goods & services
% change in real GDP
{GDP (current year) - GDP (previous year) } X 100 / GDP (previous year)
Actual Growth
PPF
Point move
Outward
AD
Shift
Right
Increase in AD
i
G
C
X - M
Potential Growth
PPF
Entire PPF Shift
Outwards
LRAS
Shift
Right
Increase in LRAS
FOP
Quantity
Population
Land reclamation
Investment
Quality
Training
Education
R&D