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

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
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.
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern