Economics GCSE
Economic growth
What Economic growth means in Economics GCSE, as defined for AQA.
Definitions of Economic growth
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Reference: AQA
High domestic economic growth typically increases incomes, leading to higher spending on imported goods and worsening the current account balance.
Trade drives it by expanding the market for domestic producers, leading to economies of scale, increased exports, and higher employment.
A macroeconomic objective that expansionary fiscal policy aims to stimulate by boosting aggregate demand.
Increasing the total output of goods and services over time, raising living standards.
Supported by investing in education and training, which improves labour productivity.
Driven by exporting goods and services, which generates revenue and creates jobs.
Topics that use Economic growth
- Balance of payments (AQA GCSE)
- Economic objectives of the government (AQA GCSE)
- Fiscal policy (AQA GCSE)
- Supply-side policies (AQA GCSE)
- Why countries trade and the importance of international trade to the UK (AQA GCSE)
Related terms
- Balance of payments
- Macroeconomic objectives
- Balance of trade
- Balanced budget
- Budget balance
- Budget deficit
- Budget surplus
- Consumer choice
Using Economic growth in the exam
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