GEO 607 Lecture Notes - Lecture 2: Oil Reserves, Mineral Processing, Year 3000
Document Summary
Economic growth: economic growth can be defined as an increase in the capacity of an economy to produce goods and services within a specific period of time. Long-term expansion in the productive potential of the economy to satisfy the wants of individuals in the society. (can see more of a trend over time) Continued economic growth has a positive impact on the national income and level of employment, which further results in higher living standards. Back then the life expectancy was 40 years, with average income per year- . After second world war, countries started getting richer and healthier . There is still big diff between richest country and poorest country. Middle income countries emerging economies (continue to have economic growth even during recession) Growth is a positive change in the level of goods and services produced by a country over time.
