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Lecture Understanding economics (2nd edition): Chapter 17 - Mark Lovewell, Khoa Nguyen

Chapter 17 - Economic growth. When you finish this chapter, you should: Learn about economic growth, its resources, and its impact; examine economic development, its dynamics, the vicious circle of poverty, and the strategies used to break the circle. | Understanding Economics Chapter 17 Economic Growth Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. 2nd edition by Mark Lovewell and Khoa Nguyen Chapter Objectives In this chapter, you will: learn about economic growth, its resources, and its impact examine economic development, its dynamics, the vicious circle of poverty, and the strategies used to break the circle Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. * Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. The Production Possibilities Curve Economic growth can be portrayed using the production possibilities curve in two ways an outward shift in the production possibilities curve due to technological change or an increase in economic resources a movement towards the curve because not all resources have been employed or used to their fullest capacity * The Process of Economic Growth Figure 17.1, Page 430 Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights . | Understanding Economics Chapter 17 Economic Growth Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. 2nd edition by Mark Lovewell and Khoa Nguyen Chapter Objectives In this chapter, you will: learn about economic growth, its resources, and its impact examine economic development, its dynamics, the vicious circle of poverty, and the strategies used to break the circle Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. * Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. The Production Possibilities Curve Economic growth can be portrayed using the production possibilities curve in two ways an outward shift in the production possibilities curve due to technological change or an increase in economic resources a movement towards the curve because not all resources have been employed or used to their fullest capacity * The Process of Economic Growth Figure 17.1, Page 430 Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. PPC1 PPC0 a Lasers Hamburgers 1 2 0 40 * Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. Growth Strategies An economy can increase its rate of economic growth by expanding its production of capital goods at the cost of fewer consumer goods in the same period The benefits of a high growth strategy multiply over time allowing a country to produce not only more capital goods but also more consumer goods * Production Options and Their Implications Figure 17.2, Page 431 Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. a Lasers Hamburgers 1 2 0 40 250 Country A b PPC PPCA Lasers Hamburgers 1 2 0 100 200 Country B c d PPC PPCB * Copyright © 2002 by McGraw-Hill Ryerson Limited. All rights reserved. The Rule of 72 The Rule of 72 shows the effects of exponential growth states that the number of years it takes a variable to double can be estimated by dividing 72 by the variable’s annual percentage change * GDP and Growth Rates Figure 17.3, Page .