L15 - Economic Institutions & Growth

Pregunta	Respuesta
What is the relationship between Institutions and Enforcement Mechanisms?	Image: Screen+Shot+2020 09 03+At+11.45.43+Am (binary/octet-stream)
What purpose do contracts serve?	1. Allows trade and specialisation 2. Minimises transaction costs associated with negotiation, measurement, incomplete contracts and enforcement 3. legal code vital 4. enforcement vital
What purpose do property rights serve? (3)	1. Allows people to keep what they have produced/traded 2. Provides incentives to invest in capital, education, technology, without fear that effort will be stolen 3. Enforcement vital
What are the costs of economic growth? (3)	1. Pollution 2. Lifestyle changes 3. Income inequality
What is the relationship between air pollution and GDP per capita?	Real GDP per person increases -> Pollution increases -> Real GDP continues to increase -> the environmental quality improves Image: Screen+Shot+2020 09 03+At+1.39.00+Pm (binary/octet-stream)

Resumen del Recurso

	Creado por Sophia Lynch hace más de 4 años