Econ 4

Key terms and definitions 

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Economic growth
an increase in the potential output an economy can produce
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Long- run economic growth
shown by an outward move of the economy's PPF
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Short- run economic growth
an increase in the output that results from making use of spare capacity and unemployed labour
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Productivity
output per unit of input
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Economic cycle
a period of between about 4 and 10 years in which actual output fluctuates above and below trend output
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Actual growth
measured by the % change in real GDP over a 12 month period
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Card 2

Front

shown by an outward move of the economy's PPF

Back

Long- run economic growth

Card 3

Front

an increase in the output that results from making use of spare capacity and unemployed labour

Back

Preview of the back of card 3

Card 4

Front

output per unit of input

Back

Preview of the back of card 4

Card 5

Front

a period of between about 4 and 10 years in which actual output fluctuates above and below trend output

Back

Preview of the back of card 5
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