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LESSON 19 ECONOMIC GROWTH 19-1 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY New York Times Headlines Last Quarter’s Growth Is Revised Down Sharply— U.S. Growth Revised Up, but Year-End Slowdown Is Feared— U.S. Economy Expanded Slightly in 4th Quarter— Economy Grows Despite Tax Rise and Spending Cuts— Federal Cuts Are Concern in Modest U.S. Growth—
LESSON 19 ECONOMIC GROWTH 19-2 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Real GDP in the United States Since 1940
LESSON 19 ECONOMIC GROWTH 19-3 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Which Country Is Better Off? Country ACountry BCountry C GDP$1,500$2,500$3,000
LESSON 19 ECONOMIC GROWTH 19-4 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Which Country Has the Highest Standard of Living? Country ACountry BCountry C GDP$1,500$2,500$3,000 Population51015
LESSON 19 ECONOMIC GROWTH 19-5 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY GDP per Capita Country ACountry BCountry C GDP$1,500$2,500$3,000 Population51015 GDP/capita$300$250$200
LESSON 19 ECONOMIC GROWTH 19-6 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY GDP per Capita, 2012 (current U.S. Dollars) CountryGDP/Capita United States$51,749 Mexico $9,749 China $6,091 India $1,489 Russian Federation$14,037 Zimbabwe $714 Spain$28,624 Germany$41,863 Greece$22,083
LESSON 19 ECONOMIC GROWTH 19-7 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Factors Contributing to Long-Term Economic Growth Technological innovation High investment in human capital and capital goods
LESSON 19 ECONOMIC GROWTH 19-8 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Factors Contributing to Long-Term Economic Growth Technological innovation High investment in human capital and capital goods High level of economic freedom Strong incentives to save and invest Political stability Free trade Slower rates of population growth Low inflation
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