Economic Growth 1
Terms in this set (14)
an increase in the value of goods and services produced by an economy over a period of time.
GDP per capita
GDP divided by population
Gross National Product - the sum of the value of all goods and services produced by resources owned by a nation in a year
GDP adjusted for inflation
GDP measured in current prices
The Trade cycle
The pattern of economic growth which changes from booms to recessions or slow growth in a fairly regular pattern
An output gap
When Economic growth is not equal to the trend growth rate
The Trend growth rate
The rate at which output can grow, on a sustained basis, without putting upward or downward pressure on inflation. It reflects the annual average percentage increase in the productive capacity of the economy.
Actual economic growth
The rate of growth of GDP in a period
Potential economic growth
An expansion in the productive capacity of the economy
Purchasing Power Parity (PPP)
An adjustment in gross domestic product per capita or GDP to reflect differences in the cost of living
Gross National Happiness
an indicator that measures quality of life or social progress in more holistic and psychological terms than gross domestic product (GDP).
UK national wellbeing
An indicator use by the UK to measure GNH
Gross Domestic Product
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