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Why are some countries able to catch up to a high economic growth level, while others tend to fall behind? Explain.

MARKETING 2018

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ISBN:9780357033753

Author:Pride

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Concept explainers

Economic Trends

An economic trend is the long-term direction of an economy. The trend can go up, down, or sideways. An upward trend means the economy is growing and wages are rising. A downward trend means the economy is shrinking and unemployment is increasing. A sideways trend means the economy is neither growing nor shrinking.

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Why are some countries able to catch up to a high economic growth level, while others tend to fall behind? Explain.

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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