Econ 4 Key terms and definitions 0.0 / 5 ? EconomicsEconomic growth, development and standards of livingA2/A-levelAQA Created by: RitikaCreated on: 11-01-15 10:48 Economic growth an increase in the potential output an economy can produce 1 of 6 Long- run economic growth shown by an outward move of the economy's PPF 2 of 6 Short- run economic growth an increase in the output that results from making use of spare capacity and unemployed labour 3 of 6 Productivity output per unit of input 4 of 6 Economic cycle a period of between about 4 and 10 years in which actual output fluctuates above and below trend output 5 of 6 Actual growth measured by the % change in real GDP over a 12 month period 6 of 6
Comments
No comments have yet been made