TAMIU Macroeconomics 2301 Chapter 5 & 7 Part II

TAMIU Macroeconomics 2301 Chapter 5 & 7 Part II -...

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Economics Exam Doha Round - Plans to further reduce tariffs and quotas, as well as agricultural subsidies that  distort trade Negative GDP – Current GDP is lower than last year Positive GDP – Current GDP is higher than last year Economic Growth – An increase in real GDP occurring over time or per capita Real GDP per capita – Dividing real GDP by the size of the population Economic Growth – By increasing its inputs of resources and by increasing the productivity of  those inputs Improved products and services, added leisure, and other impacts Business cycle – Rises and declines in the level of economic activity, sometime over several  years Peak – Temporary maximum Recession – a period of decline in total output, income, and employment This lasts 6 months or 
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