EconCh7 - Chapter 7 Output growth the growth rate of the...

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Chapter 7 Output growth – the growth rate of the output of the entire economy. Per-capita output growth – The growth rate of the output per person in the economy. Productivity growth – The growth rate of output per worker. Recession – Roughly, a period in which real GDP declines for at least two consecutive quarters. Marked by falling output and rising unemployment. Depression – A prolonged and deep recession. The precise definitions of prolonged and deep debatable. Employed – Any person 16 years old or older (1) who works for pay, either for someone else or in her or her own business for 1 or more hours per week, (2) who works without pay for 15 or more hours per week in a family enterprise, or (3) who has a job but has been temporarily absent, with or without pay. Unemployed – A person 16 years old or older who is not working, is available for work and has made specific efforts to find work during the previous 4 weeks.
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