1. Define the concept of economic growth and explain the concept of national income/output/expenditure
2. Describe the Danish business cycle for the last 10 years and include a presentation in a diagram made from data from the Danish Stat bank in excel
- Table and diagram
3. Make an analysis of the economic growth and business cycle based on table A below from The Danish Economy, Autumn 2020
Economic growth is defined as an increase in the productive capacity in one country when you compare one period of another period.
In other words, you can say that the economic growth refers to an increase in aggregate production in a specific economy.
We can talk about a growing economic growth when there is an increase in the level of real national income between one year and another. We measure increases in real national income per capita.
The table and diagram include and show the Danish economic growth during 2009 to 2019. The growth is measured in terms of Gross Domestic Product (GDP) with period-to-period real growth.
If we include and describe the business cycle for the diagram, we are overall able to see both the boom phase, recession phase, a stable economic development and a low economic development. That will be explained and elaborated in the following analysis.