2696181
Description
Flashcards by Milikani Moyo, updated more than 1 year ago
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Created by Milikani Moyo
over 9 years ago
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| Question | Answer |
| Gross Domestic Product (GDP) | the total value of goods and services produced in an economy in a period of time |
| Gross National Income (GNI) | the total income earned by the citizens of a country from economic activity during a given period, usually one year |
| Gross National Product (GNP) | measures economic activity a nation's citizens where ever they are in the world |
| Annualised Rate | a forward projection at a compound rate: e.g. if growth in one quarter was 0.6% then the annualised rate would project 2.4% growth |
| Recession | a decrease in the rate of growth for 2 consecutive quarters |
| output gap | the difference between the output and potential of an economy |
| positive output gap | in the short term, actual output exceeds the economy's potential output |
| negative output gap | actual output is below the economy's potential output |
| trend growth | the increase in an economy's productive capacity i.e. potential GDP, over time |
| real GDP | nominal GDP adjusted for inflation |
| Employment Rate | the percentage of the labour force who are currently employed |
| Unemployment | individuals willing and able to work (usually within a fortnight) but unable to find a paying job |
| Real Wages | wages adjusted to inflation |
| Recovery Phase | a recovery in real national output across all sectors |
| Stustainability | 'enduring', 'lasting', 'to keep in being'. can be applied to many economic terms e.g. 'sustainable growth' |
| Economic Cylce | fluctuations in the level of real GDP over time between 4 stages; recession, recovery, boom, slowdown |
| Economic Growth | short run: improvement on an an economy's real GDP over time long run: an increase in an economy's productive capacity over time |
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