click below
click below
Normal Size Small Size show me how
Econ WbB: 6
| Term | Definition |
|---|---|
| business cycle | normal cycle of expansion (economic growth) and contraction over time |
| recession | occurs when GDP falls for at least 2 consecutive quarters. contraction lasts for more than 2 qtrs (6 months) |
| GDP | total value of all final goods and services produced in one year by a particular country |
| GNP | total value of all final goods and services produced in one year by resources owned by a country |
| flow of product (expenditure) approach | C + I + G + (X-M) |
| nominal GDP | adding GDP for one year |
| real GDP | measured in constant prices (base year prices) adjusted for inflation |
| GDP per capita | country's real GDP divided by country's total population |