Notes>Macroeconomics

2.6 Equity in the distribution of income

Definitions   Lorenz curve shows what percentage of the population owns what percentage of the total income in an economy. It is calculated in cumulative terms. The further the curve is from 45 degree line of absolute equality, the more unequal the distribution of...

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2.5 Economic Growth

Definitions   Economic growth is the growth of real output in an economy over time. It is usually measured as growth in real domestic product (GDP).   Diagrams Positive consequences of economic growth Increasing aggregate supply curve in the long run while...

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