A measure of the material well-being of a nation and its people
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Card 7
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The actual annual % increase in an economy's output, sometimes referred to as actual economic growth
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Card 8
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The difference between the actual and potential output of an economy. Where actual output is below potential output as - output gap. + output is in short run, actual output exceeds the economy's potential output
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Exists when firms in the economy are capable of producing more output than they are actually producing
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Card 10
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Average rate of economic growth measured over a period of time, normally over the course of the economic cycle. (peak to peak or trough to trough)
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Shows the level of production for the economy at a given price level, assuming labour costs and other factor input costs are unchanged
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Card 12
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Fluctuations in the level of economic activity as measured by GDP. Four stages
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Card 13
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The knowledge and skills of labour force
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Card 14
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MPS. Proportion of additional national income that is saved. change in saving over change in national income
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Card 15
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MPT Proportion of additional national income that is taxed. Change in taxation over change in national income
