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6 Cards in this Set

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Economic growth
(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
Real GDP per capita
GDP adjusted for inflation; GDP in a year divided by the GDP price index for that year, expresssed as a decimal.
Rule of 70
method used for determining the number of of years it will take fot some measure to double, given its annual percentage increase.
Productivity
measure of average output or real output per unit of input.
Productivity
measure of average output or real output per unit of input
Business cycle
recurring increases or decreases in the level of economic activity over periods of years; consist of peak, recession, trough, and recovery phrase