Student8094
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Hi, I'm just revising for Unit 2, and am struggling to understand the difference between short-run and long-run economic growth, and how these can be applied to essay questions?

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_Fergo
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(Original post by PatBunker)
Hi, I'm just revising for Unit 2, and am struggling to understand the difference between short-run and long-run economic growth, and how these can be applied to essay questions?

Thanks
Not doing AQA myself, but short-run economic growth is the actual annual percentage increase in an economy's output. Using the PPC, it's an economy moving from a point within the curve onto the curve.

Long-run economic growth refers to the rate at which the economy could grow as a result of changes in the country's productive capacity. It's basically the shift of the PPC curve outwards.

Therefore, short-run economic growth is an increase in rGDP (ie by increases in AD -if there's spare capacity and AD increases, then so will rGDP), while long-run economic growth is an increase in the quality and quantity of resources (ie increases in the AD matched by increases in the AS).

Not sure about the type of your essays, as I'm not familiar with AQA.

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Student8094
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Thanks for clarifying that
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newfreshstart
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hi could you help me on this 12 mark question? it would be greatly appreciated

to what extent might an increase in the size of public expenditure as a proportion of gdp be likely to increase the rate of economic growth?



thank you
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bizingabanga
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Hi has anyone got the June 2014 AQA past paper?
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