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9 Cards in this Set
- Front
- Back
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Economic growth |
An increase in national income over time. |
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National Income |
The value of an economy measured in output, income or expenditure over a period of time |
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What is economic growth measured in? |
GDP (gross domestic product) |
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GDP |
A measure of the a country's total output for the year. Market value of all final goods and services produced in a period |
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What is the economic cycle? |
Boom --> Downturn --> Recession/Depression --> Recovery |
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Boom |
Peak of the cycle Gdp growing at its fastest Everything is rising (prices) |
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Downturn |
Economy grows at slower rate Demand stops rising and may fall Unemployment rises Wage increases slow down |
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Recession / Depression |
GDP starts to fall Wide spread poverty (unemployment rises) Demand falls |
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Recovery |
GDP rises again Demand rises Unemployment falls |
