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16 Cards in this Set
- Front
- Back
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d: economic growth
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the production of goods and services that increases over long periods of time
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how do we measure economic growth
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by examining real GDP
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d: real gross domestic product
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the total quantity of output produced in one year
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when is there economic growth
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when real gdp rises faster than the population
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what are the three macroeconomic goals
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high employment
stable prices economic growth |
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how do you measure high employment
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unemployment rate
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whats the government's goal unemployment rate
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4%
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d: business cycle
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flucuations of real gdp around a potential gdp line
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d: expansion
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a period of rising output
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d: recession
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a period of decreasing output
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d: depression
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a particulary long recession
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why are unstable prices bad for the economy
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people have to spend more time looking for reasonable goods and less time producing output causing gdp to decrease
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d: positive
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what is
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d: normative
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what should be
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d: flow variable
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over a period of time
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d: stock variable
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at a specific point in time
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