Question: Why are some countries rich and others poor? In other words, what causes some countries to experience sustained, positive long-run growth while others stagnate?
Here is a suggested outline for the response:
What are the three macroeconomic indicators that we use to measure economic activity?
Define GDP, unemployment, and inflation.
How are GDP, unemployment, and inflation measured?
How do the three macroeconomic indicators move together? (in other words, when GDP increases, what happens to unemployment and inflation?)
What is economic growth and how does it relate to people’s standard of living?
Real vs. nominal GDP?
GDP vs. GDP per capita.
How is economic growth related to labor productivity?
Describe the relation between labor productivity and capital/technology.
What role do economic institutions play in the accumulation of capital and technology?
Define and give examples of economic institutions.
Explain out economic institutions affect long-run economic growth?
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