Assignment 3



Assignment 3

The growth of the real output of an economy over time. Economic growth is usually measured in terms of an increase in real gross national product (GNP) or gross domestic product (GDP) over time or an increase in income per head over time. The latter measure relates increases in total output to changes in the population. Therefore, if total output rises only a little faster than the increase in population, then there will be only a small improvement in average living standards (Hecker, 2005). Fig. (a) shows changes in the UK's GDP over the period 1987-2003.

The achievement of ...