Economic Growth-boom and recession

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Boom
A period when the rate of growth of real GDP is fast and higher than its long-term trend
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Slowdown
A weakening of the rate of growth, real GDP is still rising, but at a slower rate
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Recession
A period of at least 6 months when an economy suffers a fall in output
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Recovery
A phase in the cycle, after the recession/depression during which real GDP starts to increase and unemploymnet begins to fall
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Depression
A prolonged downturn in the economy where a nations GDP falls by at least 10%
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Other cards in this set

Card 2

Front

A weakening of the rate of growth, real GDP is still rising, but at a slower rate

Back

Slowdown

Card 3

Front

A period of at least 6 months when an economy suffers a fall in output

Back

Preview of the back of card 3

Card 4

Front

A phase in the cycle, after the recession/depression during which real GDP starts to increase and unemploymnet begins to fall

Back

Preview of the back of card 4

Card 5

Front

A prolonged downturn in the economy where a nations GDP falls by at least 10%

Back

Preview of the back of card 5

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