Read this BBC article on the meaning, the advantages and the disadvantages of economic growth. Then answer the following questions:1. Define the terms ‘GDP’ ‘Recession’ and ‘Inflation’ (use my glossary definition please!)
2. Explain why the figures (for calculating GDP) need to be corrected for inflation?
3. Explain the importance of using a base year (e.g. 2003) are used in the calculation of GDP
4. Why is spending ‘the crucial factor affecting growth’
5. Explain why the current economic situation may lead to a ‘recipe for recession’
6. What is the key to sustained economic growth in an economy? Why might inflation increase if ‘we spend beyond the capacity for an economy to produce?’
7. Identify 2 things that can happen to an economy if growth disappears and recession looms’
8. Explain why economic growth is important to reduce poverty in a country.
9. Explain 3 possible problems with economic growth.
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