GDP
Business cycles
Growth
100
What does GDP mean?
Gross Domestic Product
100
What is the rise called in buisness cycle?
Expansion
100
What is the definition of economic growth?
Economic Growth is the rise in an economy's production of goods and services, measured through gross domestic product (GDP)
200
What is the definition of GDP?
Total market value of all finished goods and services produced within a country's borders over a specific period.
200
What is the top of the buisnes cycle called?
Peak
200
How does economic growth happen?
It happens because of gaining more money and resources, the workforce grows, technology improves, and people become more productive.
300
What are the 4 parts of calculating GDP?
consumption, investment, government spending, and net exports.
300
What is the fall of the graph called?
Contraction
300
What are the four drivers of economic growth?
Capital, Labor, Technology, productivity.
400
What are the two types of GDP we talked about?
Nominal GDP and Real GDP
400
What is the bottem of the graph called?
Trough
400
What are examples of the four drivers of economic growth that we named?
Labor - more workers or more skilled workers
Capital - machine, tools, factories,
Technology - faster, smarter methods
productivity - doing more with the same resources
500
What is the equation for Real GDP?
500
what is the defntiton of busniss cycle?
“a cycle or series of cycles of economic expansion and contraction.”-Oxford Languages.
500
What are the four benfits of a competive encomic growth?
- Higher incomes
- More job opportunities
- Better living standards
- More tax revenue for public services