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6 Cards in this Set
- Front
- Back
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Economic growth
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(1)outward shift in the production possiblities curve that results from an increase in resource supplies/quality or improvement in technology (2) an increase in real output or real output per capita
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Real GDP per capita
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GDP adjusted for inflation; GDP in a year divided by the GDP price index for that year, expresssed as a decimal.
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Rule of 70
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method used for determining the number of of years it will take fot some measure to double, given its annual percentage increase.
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Productivity
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measure of average output or real output per unit of input.
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Productivity
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measure of average output or real output per unit of input
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Business cycle
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recurring increases or decreases in the level of economic activity over periods of years; consist of peak, recession, trough, and recovery phrase
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